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business

Boultbee pull out of Stockholm malls?

Published måndag 14 februari 2011 kl 18.07
Shop owners protesting against Boultbee. Photo: Johanna Sjöqvist/Radio Stockholm

Controversial shopping centre landlord Boultbee has pulled out of its ten shopping centres in Stockholm, after arranging a refinancing agreement with its creditors, reports Swedish Radio News.

The British company came under criticism from tenants for neglecting the upkeep of the shopping malls, and for raising rents by over 100 percent in some cases. Boultbee has also been criticised by some Swedish politicians for handing out profits to shareholders, despite the fact that its Swedish subsidiaries had been facing financial problems.

Swedish Radio News reports that the Boultbee representatives on the board of the subsidiary that runs its shopping centres in Stockholm have now resigned, and have been replaced by a representative of Boultbee's creditors. Shop owners in the malls say they are relieved at the decision.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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