The part owners of St David's Shopping centre in Cardiff, Intu, has called in administrators.
St David’s is owned and managed by St David’s Ltd Partnership, a joint venture between Land Securities and Intu Properties PLC.
St David’s Partnership has invested £675 million into the retail destination in Cardiff, creating one of the largest centres in the country that represents 39% of the total retail floor space in the city.
The firm, which also owns the Mall in Bristol and the Trafford Centre, earlier said that it had not reached an agreement in financial restructuring talks with its lenders.
Its centres will stay open under administrators KPMG, with shares listed on the London and Johannesburg stock exchanges suspended.
The firm said it had appointed three administrators at the KPMG accountancy firm and that "the appointment is expected to become effective shortly".
The company was one of the UK's biggest shopping centre group, with 17 centres in the UK and three in Spain.
The company and its wider supply chain support about 132,000 jobs, which will now be in doubt.
Nathan is the Operations Director at Bro Radio. You can hear him on air on Vale Breakfast weekday mornings from 7am or reading local news bulletins throughout the week.