Much as expected, Intu has moved to appoint administrators as its only option. With many retailers having withheld rent quarterly payments which were due this week or having pushed through CVAs or full administrations themselves leaving large debts in their wakes, shopping centre owner Intu has found itself unable to continue to trade. The business operates with over 2300 direct employees and a further 100,000+ are employed by tenants in its shopping centres.
It is considered that its primary locations like Lakeside and Metrocentre will be quickly snapped once these and other assets are placed ‘on the block’. The future of others may be somewhat less certain.
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