A nationwide network of indoor shopping centres and market halls has gone into liquidation after experiencing “significant losses”.
Headquartered in Liverpool, InShops Centres operated 21 shopping centres and market halls around the UK, with a staff of 54 people.
As a result of declining occupancy levels and rising costs, the company ceased to trade on 17 January 2014.
Prior to the appointment of Paul Flint and Brian Green as joint administrators, KPMG assisted negotiations for the surrender of the leases of six centres back to their respective landlords, guaranteeing their continued operation.
While landlords at four other sites have expressed a desire to continue operations, another site was forfeited by InShops and a further ten centres have closed with immediate effect.
Paul Flint said: “A combination of rising costs and steadily declining income over a number of year meant InShops was increasingly unable to meet its rent obligations.
“This ultimately led the directors to take the decision to cease trading and appoint KPMG as liquidators.
“We are pleased to have been able to work with the company to strike deals with 11 landlords prior to the company entering into liquidation, ensuring that 321 retailers can continue to trade and safeguarding many more jobs.”