UK Shopping Centre Owner Intu Files for Administration

UK shopping centre owner Intu has entered administration, becoming the latest casualty of a coronavirus pandemic that has inflicted severe pain on the country’s struggling retail sector, the Financial Times reported. The company, whose malls include the Trafford Centre in Manchester and Lakeside in Essex, had sought breathing space on its debts from lenders but said in a statement on Friday that “insufficient alignment and agreement has been achieved on such terms”. KPMG has been appointed to oversee the administration. With 14 wholly owned centres and three joint ventures, Intu is the UK’s largest shopping centre owner. As well as 3,000 direct staff, about 100,000 work for retailers within those malls. Its malls are held in separate operating companies and would continue to trade, said the company. Intu has endured a difficult decade, with sharp falls in its share price reflecting broader shifts in retail. Read more