Following the news in February that Intu Properties, the owners of the The Trafford Centre and Manchester Arndale, had fallen into financial difficulties, they have now appointed accountants KPMG as administrators.
It is also thought that many restaurants and shops have since deferred their rent payments to Intu because of the Coronavirus Lockdown, at a time the London-based landlord could not sustain it.
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Despite the collapse of the company, its 17 shopping centres across the UK will remain open and will trade as normal, whilst the future of its 2,373 staff - many in Manchester - is not yet known.
As the company is structured via individual companies for each site - which are not included in the insolvency process - it is unlikely to have an immediate effect on the retailers and restaurants within the shopping centres, whilst administrators assess the next steps.