Earlier this morning, news broke that the Trafford Centre's owner Intu is on the brink of going into administration.
On Friday the group said it was likely to appoint administrators, as it remained unable to agree the terms of such a deal with its creditors.
In a statement the group, which has until midnight on Friday to reach a deal, said “insufficient alignment and agreement has been achieved”.
It added: “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.”
Earlier this week, Intu said it put administrators from KPMG on stand-by as it looked to secure a deal ahead of the midnight deadline on its current loan covenants.
The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.
The group has also said that if it does go into administration, then shopping centres might have to close.
Shoppers have been quick to react to the news, with many clearly devastated over the prospect of it closing.
"Going to be gutted if the Trafford Centre has to close," said one upset shopper on Twitter.
Another added: "Gutted, love the Trafford Centre."
"Can't be having Trafford Centre shutting down, let's open a go fund me," suggested somebody else.
Yet another disappointed Twitter user wrote: "No no no please save the Trafford Centre Boris Johnson."
"I’m actually heartbroken that the Trafford centre might be shut by the end of today," said someone else.
Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.
We will be sure to update you with any news about the future of the Trafford Centre when we have it.
