Trafford Centre owner intu has warned the company may enter administration if a deal cannot be struck with lenders by the end of the week.
The shopping centre operator is currently communicating with key stakeholders to keep venues open, and has told KPMG to make contingency plans in the event that crunch talks fail.
intu was already struggling financially before the pandemic and has has now reached debt levels of over £4.5bn.
The company is currently attempting to strike an agreement before a deadline on Friday.
intu stated: “Notwithstanding the progress made with lenders, Intu has also appointed KPMG to contingency plan for administration.
“In the event that Intu properties plc is unable to reach a standstill, it is likely it and certain other central entities will fall into administration.”
Thousands of jobs are set to be affected in the event of intu falling into administration.
The company currently employs around 3000 staff, with 100,000 working in stores run by tenants.
There are also as many as 30,000 involved in intu’s wider supply chain.