UK shopping mall owner faces bankruptcy
The company has struggled with a 4.5 billion pound ($5.6 billion) debt burden this year The company says in a statement that its board is “considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.'' The company employs 3,000 people.
- Country:
- United Kingdom
British shopping mall owner Intu is scrambling to avoid bankruptcy after failing to strike a deal with its creditors after being hammered by lower rent payments from retail clients in the COVID-19 pandemic
The group, which owns the Trafford Centre, has been trying to secure a "standstill'' on loans and must reach a deal by midnight Friday. The company has struggled with a 4.5 billion pound ($5.6 billion) debt burden this year
The company says in a statement that its board is "considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.'' The company employs 3,000 people. A further 102,000 work for the shops within its shopping centers.
Google News