The Strand shopping centre in Douglas is in the hands of receivers.
Centre manager John Shakespeare says he is unable to comment on the building's future but did confirm it would be business as usual for The Strand, with no changes to the day to day running of the complex which attracts 30,000 shoppers a week.
The Strand opened in 1990 and houses several high street retailers including HMV, Miss Selfridge, Mothercare and Peacocks.
A letter has been delivered to local firms involved with the shopping centre from the receivers Fergus Jack and Bryn Williams.
Got a story? Contact Joanne on 340000 or email firstname.lastname@example.org