On 8 May creditors initiated the liquidation procedure of the M1 Outlet Center in Biatorbagy, just outside Budapest, reported Napi. M1 had been developed and operated by FTB Invest, a company owned by three Hungarian private individuals. It was the third outlet centre outside Budapest. M1 was launched in spring 2008 but failed to attract retailers, as prospective tenants had already set up stores in the other outlet centres around Budapest. The owners tried to turn the centre into a shopping mall with CBA as its anchor tenant but this was not able to withstand competition from a nearby Aldi discount supermarket. Due to the unfavourable prevalent economic conditions, by the end of 2008 hardly any tenants remained at the centre.

Source : www.ceeretail.com, 2009-06-10