Debenhams is not reopening three stores when lockdown restrictions on non-essential businesses are lifted next week.
“Sadly we have been unable to agree terms with the landlord,” Debenhams told the BBC.
“As a result these stores will not be re-opening in line with the rest of the chain next week.”
Longer term, it’s hard to see how a retail-dominated centre the vast size of Metrocentre can remain viable. Maybe it will shrink over time, though it’s arguably easier to repurpose space in a town or city centre – which by its nature always evolves – than at an out-of-town mall. pic.twitter.com/HT5d350mgA
— Graham Soult FIPM (@soult) June 9, 2020
Over the weekend, Intu asked an 18-month standstill from its lenders, or else it would face administration on June 26, when a waiver is set to expire.
However, Intu is reportedly at risk of being declared insolvent if it does not make progress in negotiation with lenders over the next two weeks.
Shares in Intu rose 10% to 8p on Tuesday before close.