The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Intu Properties Plc, one of the UK's biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.
The appointment is a part of Intu’s contingency plan as it seeks to obtain a loan waiver until the end of next year from investors as the mall owner struggles to get rent payments from retailers amid the coronavirus-led lockdown, according to one of the people, who asked not to be identified as the information isn’t public. The news was earlier reported by Sky News.
Intu, which owns Manchester’s Trafford Center, will be focusing on reaching an agreement with financiers for a standstill on loan repayments but will need to prepare for all eventualities. Having KPMG on standby could be part of a plan to persuade lenders to reach a deal, one person with knowledge of Intu’s operations said.
Intu Properties and KPMG declined to comment.
By Prejula Prem and Deirdre Hipwell
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.