Shopping centre owner intu has confirmed it has collapsed into administration after failed talks with lenders.
This morning, Intu warned in a stock market statement that “insufficient alignment and agreement” had been achieved with lenders in attempts to reach a standstill agreement on its debts, a move that would have secured the company’s short-term future.
“The board is therefore considering the position of Intu, with a view to protecting the interests of its stakeholders,” the company added in the statement. “This is likely to involve the appointment of administrators,” it said.
Intu had until midnight tonight to reach a deal with lenders. KPMG has been lined up as administrator.
Analysis from customer loyalty expert David John, CEO of Loyalize said, “With the current unprecedented level of barriers between shop & customer having a huge detrimental effect of profits, businesses will need to be quick to adapt once thee lockdown eases.
In discussion with journalists just yesterday about the administration of Go Outdoors, David said, “Innovation in technology will play a significant role in a post-Covid-19 world, as bricks-and-mortar retailers seek to rebuild trust with consumers who have become more comfortable – and feel safer – shopping online.
“To lure customers back in store, retailers should be examining and leveraging the datasets they keep on customers and their purchases, to create tempting offers and campaigns via digital channels that drive footfall, even as the pandemic carries on.”