Shopping centre owner Intu braces for administration
Intu, which owns some of the UK's biggest shopping centres, has appointed administrators as a"contingency" in case financial rescue talks fail.
Intu had been struggling before coronavirus to fill outlets within some centres sites, and had heavy debts. Since the coronavirus lockdown Intu's centres have been partially shut, with only essential stores remaining open. The firm's financial woes include making a loss of £2bn in 2019, failing earlier this year to raise £1bn in new funding, and having debts of £5bn.
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