Troubled shopping centre landlord Intu is under threat from Sir Philip Green’s high street retreat, with dozens of store closures yet to impact its stretched finances. Bets against the company climbed to four-month highs last week as hedge funds predict Arcadia Group’s restructuring will force Intu to default on more of its debt pile. The short sellers believe the closures of Topshop and Dorothy Perkins stores by Sir Philip have not been fully accounted for in loan covenants. These calculations compare the burden of loans with the value of Intu’s assets and are based on the landlord’s performance over the last year, so the full impact of Arcadia’s restructure will not be realised until this summer, sources say. Intu attempted in June to block the Company Voluntary Arrangement Sir Philip has used to cut Arcadia’s costs. The court-backed scheme received the backing of 75pc of creditors, however, allowing the retailer to press ahead with plans to slash rents and close dozens of stores. Mayfair billionaire Crispin Odey, who has shorted Intu for several years, is joined by one of the world’s biggest hedge funds, Chicago-based Citadel Advisors. About 13pc of Intu shares are now on loan to short sellers, according to IHS Markit. Intu said on Monday that it was in discussions with shareholders over a potential cash call to repair its balance sheet. Executives are in talks with ports tycoon John Whittaker, who owns a quarter of Intu, and potential new investors. Intu shares have fallen almost 90pc in the last year. It has nearly £5bn of loans against a stock market valuation of little more than £170m.