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Old 26-06-2020, 02:59 PM   #1
AnnieK
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Default Intu, owners of Trafford Centre and Lakeside go into administration

https://www.manchestereveningnews.co...owner-18494516

Centres staying open for now. Will be a massive blow for employment if they do close though
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Old 26-06-2020, 03:00 PM   #2
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Yes they are trying to get funding
Massive Debts

https://news.sky.com/story/shopping-...ators-12015080

Last edited by arista; 26-06-2020 at 03:01 PM.
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Old 26-06-2020, 03:11 PM   #3
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Feel sorry for all those people who'll lose their job.
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Old 26-06-2020, 03:12 PM   #4
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Two huge shopping malls, hope they can be saved
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Old 26-06-2020, 03:19 PM   #5
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They own a lot more too up and down the UK, including the Manchester Arndale.....so many job losses if they are forced to shut
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Old 26-06-2020, 03:23 PM   #6
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Quote:
Originally Posted by Livia View Post
Feel sorry for all those people who'll lose their job.

The Shops inside them are still trading
nothing to do with the Mall owners debts


The Council could take over control.

Last edited by arista; 26-06-2020 at 03:24 PM.
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Old 26-06-2020, 03:23 PM   #7
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...I think they own Chapelfield in Norwich and Eldon Square in Newcastle as well....very sad news.....
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Old 26-06-2020, 03:26 PM   #8
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Metro centre as well as Eldon Square.
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Old 26-06-2020, 04:44 PM   #9
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Merry Hill too, I imagine it'll be fine though, it's changed hands a few times before Intu came into the picture.
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Old 26-06-2020, 07:50 PM   #10
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Too many jobs to be lost and too many people to sign on benefits and stuff, the Government/local council will surely step in if it comes to closure.
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Old 26-06-2020, 09:14 PM   #11
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Wha!!!

Omg, the a13..

The last 20 mins home sweating to avoid the xmas rush and another hour onto that 20 mins...


WHAT A BLOODY SHAME.
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Old 27-06-2020, 01:04 AM   #12
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There could be a takeover for the prime locations? I really hope there are no closures :/
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Old 27-06-2020, 01:21 AM   #13
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Vast majority if not all would be bought if it came down to it, probably on the cheap if the company busts.
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Old 27-06-2020, 03:14 AM   #14
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Nawt Lakeside
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Old 27-06-2020, 06:16 AM   #15
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The corporate structure that Intu is a part of makes the whole thing quite complicated. Apparently this wont really affect the shopping centres as the ownership falls to the banks etc that had already invested in them, so there *shouldn't* be that much knock on effect. What it affects is the ability of Intu to build new centres
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Old 27-06-2020, 08:26 AM   #16
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...Intu or whoever would own them, must be reliant on individual shop rents being paid as well...(...I’m not up on how these things work..)...but the individual retailers will be struggling as well to pay their rents with the close down of business they’ve had and Intu would have been relying on that...that must also be a knock on effect..?...

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Old 27-06-2020, 09:01 AM   #17
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Quote:
Originally Posted by bitontheslide View Post
The corporate structure that Intu is a part of makes the whole thing quite complicated. Apparently this wont really affect the shopping centres as the ownership falls to the banks etc that had already invested in them, so there *shouldn't* be that much knock on effect. What it affects is the ability of Intu to build new centres
Yep if the company is dismantled the physical centres will fall into the ownerships of the banks they're indebted to, who will most likely sell them on to someone else at a rock-bottom price. Prepare for "Amazon Supercentres!!" or something


Quote:
Originally Posted by Ammi View Post
...Intu or whoever would own them, must be reliant on individual shop rents being paid as well...(...Iím not up on how these things work..)...but the individual retailers will be struggling as well to pay their rents with the close down of business theyíve had and Intu would have been relying on that...that must also be a knock on effect..?...
That's true and during lockdown, landlords have a bit of a tough call to make with retailers who can't pay rent. They obviously have the right to kick them out... but chances are they wouldn't be able to fill those units for months (sometimes years) so the only really sensible choice is to suck up the loss and let the store resume rent payments post-lockdown.
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Old 27-06-2020, 09:16 AM   #18
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Quote:
Originally Posted by Toy Soldier View Post
Yep if the company is dismantled the physical centres will fall into the ownerships of the banks they're indebted to, who will most likely sell them on to someone else at a rock-bottom price. Prepare for "Amazon Supercentres!!" or something




That's true and during lockdown, landlords have a bit of a tough call to make with retailers who can't pay rent. They obviously have the right to kick them out... but chances are they wouldn't be able to fill those units for months (sometimes years) so the only really sensible choice is to suck up the loss and let the store resume rent payments post-lockdown.

...itís whether they will be able to or want to resume the rent payments as well, there is so much still to be determined...whether this has shocked a new face to online buying, which previously would have been more gradual..?..we already were seeing the gradual rise of empty/vacated shop premises and actual retail outlets diminishing...but this forced online way, even for those who have been experiencing it for the first time...has kind of accelerated things, I would have thought...
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Old 27-06-2020, 10:10 AM   #19
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They reckon that online shopping advanced by 5 years in market share over the period of the lockdown and that it's unlikely to revert by much now things are opening up again. It's not just online shopping that has shot forward though, many service industries have made huge progress forward that will never go backward. A computer in nearly every home to facilitate home working/education is a global phenomena
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