The owners of the Stoke-on-Trent shopping centre, Intu have warned that we could see closures of many of its stores.
Analysts of Intu properties said that the main priority of the group as of right now is to cut down on debts and survive.
Peel Hunt analysts said: “Survival is now the key focus,Dealing with the £4.5bn debt pile will be key to this survival, and with the current backdrop and the looming 2021 maturities this looks challenging.”
The CEO of Intu admitted that the future of Intu and its stores are in grave danger of being and shut down of stores could be seen in the near future.
Matthew Roberts said “indicate a material uncertainty in relation to Intu’s ability to continue as a going concern.”
The British real estate investment trust Intu have been reported to have lost £2billion pounds and debts of £4.5billion despite being a company announcing revenue of £542.3million.
Intu’s economic struggle is not only subject to Hanley as Intu stores across the nation are said to be in danger of closing.
News of Intu’s struggles shouldn’t come as a shock as struggling high street businesses in Intu have been demanding to pay cheaper rent and shutting stores to save money.
The outbreak of the highly infectious Covid-19 virus is sure to also have an impact on Intu’s ongoing issues.