On 3 June 2021, Tigné Mall plc announced that following the closure of the Debenhams franchise operations in Malta by United Group, Tigné Mall has entered into a termination of lease agreement with United Department Stores Limited in respect of the Debenhams outlet situated at ‘The Point Shopping Mall’. The termination of the lease will be effective as of 30 June 2021.
Furthermore, the company also announced that it has concurrently negotiated and entered into a new lease agreement in respect of the vacated premises with the Classic Group, a leading retail group operating an extensive portfolio of prestigious brands in Malta. The company explained that the new lease will commence on 1 July 2021 and that further updates will be issued in due course.
Meanwhile, the Board of Directors of the company concluded by stating that the demand for premium retail space within ‘The Point Shopping Mall’ remains robust and that the mall remains fully let even during this challenging period.