Trafford Centre owner Intu Properties has said talks with lenders have failed to reach agreement and warned that it is on the verge of calling in administrators.
In a statement, the group, which has until midnight on Friday to reach a deal, said “insufficient alignment and agreement has been achieved”, adding: “The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders.
“This is likely to involve the appointment of administrators. A further announcement will be made as soon as possible.”
The group, which also owns Lakeside in Essex, confirmed earlier this week that it had put KPMG on stand-by to act as administrators.
It is hoping to arrange a so-called standstill agreement with lenders and warned that if it cannot reach a deal “there is a risk that centres may have to close for a period”.
The collapse of the heavily-indebted group, which has suffered a plunge in revenues due to the lockdown, would place thousands of jobs at risk
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