- The problems at Intu puts more than 100,000 jobs in jeopardy
- Some of its more famous sites are likely to be sold, while others could be lost forever
Some of Britain’s biggest shopping centres face closure, which threatens to pull the shutters down on a retail recovery.
The Intu group, owner of 14 centres across the UK – including Lakeside in Essex and the Trafford Centre in Manchester – has plunged into administration.
The problems at Intu puts more than 100,000 jobs in jeopardy.
Boris Johnson responded to the news by promising support for retailers. Asked if he would intervene, he said: ‘Shopping malls have been feeling the squeeze and we will do everything we can to look after them.’
There are concerns that Intu shopping centres may have to shut, at least temporarily, while administrators attempt to find buyers.
Some of its more famous sites are likely to be sold, while others could be lost forever.
This would be a disaster for thousands of families and many local economies. For example, a retail centre in Watford employs 10 per cent of the area’s entire local workforce.