LONDON (AFP) - British shopping centre giant Intu, whose properties have been ravaged by the coronavirus lockdown, warned on Friday (June 26) that it was likely to collapse after talks failed to restructure its finances.. Read more at straitstimes.com.
LONDON - British shopping centre giant Intu, whose properties have been ravaged by the coronavirus lockdown, warned on Friday that it was likely to collapse after talks failed to restructure its finances.
Shopping centres were forced to close for three months after the government imposed a nationwide lockdown on March 23 in a bid to halt the Covid-19 outbreak. Restrictions began to be eased this month. "The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders," it added.
Administration is the process whereby a troubled company calls upon independent financial help in a bid to restructure the business, remain operational and to try to minimise job losses.
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