The co-owner of The Mall shopping centre is “likely” to fall into administration, it has said.
Intu has been in last-ditch talks with lenders this week but has failed to agree a deal.
The shopping centre giant, which co-owns The Mall at Cribbs Causeway with retail investment company M&G Real Estate and JT Baylis, had asked for a so-called “standstill agreement" of up to 18 months to give it relief on its rent payments.
It has until midnight to come to an agreement, but has already warned it could collapse.
Intu said in a statement: “Discussions have continued with the Intu Group’s creditors in relation to the terms of standstill-based agreements.
"Unfortunately, insufficient alignment and agreement has been achieved on such terms.
“The board is therefore considering the position of Intu with a view to protecting the interests of its stakeholders. This is likely to involve the appointment of administrators.
“A further announcement will be made as soon as possible.”
Intu revealed earlier this week that it had put accountants KPMG on standby as administrators.
The move comes after a difficult period for the company which was the subject of two abandoned takeover attempts, and had seen efforts to pay off massive debts stymied by a huge drop in rents paid during the coronavirus outbreak.
The Mall reopened to shoppers last week with new measures in place to ensure social distancing.
It has a one-way system, stickers on escalators and reminders for shoppers to keep apart.
It is not yet clear what could happen to The Mall, which is owned as a joint venture between three companies - unlike many of Intu's other shopping centres.
Bristol Live has contacted the co-owners for a statement.
