Intu, which owns some of the UK’s biggest shopping centres, has announced it is likely to call in administrators this morning.
It’s understood the move is being considered because an agreement on financial restructuring talks with lenders has not been reached.
Cllr Nigel Bell, leader of the Watford Labour Group, said the news is extremely worrying for the town.
He commented: “This is a serious situation for our town and its future. I am thinking of so many of our residents today who are at risk of losing their jobs in an increasingly weakened pandemic economy. We need the Mayor and his administration to be working to get the best deal here financially as Watford has a rare offering to the country of having a shopping centre on its high street too”