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Debenhams to keep another three stores closed in England

The department stores are in shopping centres owned by troubled retail landlord Intu Properties

Intu Properties PLC - Debenhams to keep another three stores closed in England

Debenhams is not reopening three stores when lockdown restrictions on non-essential businesses are lifted next week.

The department stores are in Gateshead, Milton Keynes and Watford, in shopping centres owned by troubled retail landlord Intu Properties PLC (LON:INTU).

READ: Debenhams to reopen stores in Northern Ireland and England

“Sadly we have been unable to agree terms with the landlord,” Debenhams told the BBC.

“As a result these stores will not be re-opening in line with the rest of the chain next week.”

Over the weekend, Intu asked an 18-month standstill from its lenders, or else it would face administration on June 26, when a waiver is set to expire.

However, Intu is reportedly at risk of being declared insolvent if it does not make progress in negotiation with lenders over the next two weeks.

Shares in Intu rose 10% to 8p on Tuesday before close.

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