Retailers were served with their a week's notice to quit the Savoy Centre in Glasgow because of the financial problems facing InShops Centres Limited.
However, a spokesman for PBN Property, the company that manages the centre on behalf of the building's owner, said yesterday that in the event that InShops goes into liquidation, the company would take over the running of the retail operation, offering reassurance to its 60 to 70 traders.
Alan McNab, who has been the centre manager for 25 years, and currently acts on behalf of PBM, said the Savoy Centre is most definitely not closing down.
He said that if liquidation of the current retail manager InShops, went ahead, he would be appointed to take on management of the building and the retail vendors.
Paul Abrahams, who runs second-hand bookshop, The Book Tree, said: "We are delighted that the factors have taken over because some of us have had businesses here over a number of years and we wouldn't have anywhere else to go."
However, Mehmet Yalcin, who runs Kwik Stitches, said he still had concerns over the transition because nothing had been confirmed in writing to the vendors.
It is thought a liquidator will be appointed on Tuesday.