Published Friday, 13 April 2012
Lack of trade is said to be the reason behind the closure. (© Getty)
The complex at High Street in the city centre is expected to wind down over the next two months, with the closure to be finalised by 26 June.
In a statement the company said the lease for the centre expired in May 2011 and it was unable to secure "favourable terms" in renewal negotiations.
The level of rent required by the landlord would mean that inevitably the occupational costs for our traders would increase, squeezing individual businesses to the point of failure.
"Despite best efforts the landlords were unable to meet the realistic rental level required to maintain the future security of the centre and it is therefore with regret that we have ended our negotiations with them.
"The In Shops team will of course continue to provide support to the traders during the difficult phased close down period and will be negotiating with the individual tenants on a confidential basis during that process," the statement read.
In Shops say are trying to find alternative accommodation in the city centre and although they have identified a number of suitable sites "appraisals on these sites are not sufficiently advanced to enable a transfer of operations at this time".
The company's businesses in England and Scotland have been unaffected and will remain open.
Glyn Roberts from the NI Independent Retail Trade Association said news of the impending closure was sad for the local business community.
"I hope that the small traders can find alternative premises and continue to trade," he added.