Multimillion-pound plans to redevelop Stevenage town centre were scrapped owing to the financial crisis of 2007–08 and the lack of interested private-sector partners. On 24 May 2012 Stevenage Borough Council announced that a £250m scheme for the shopping area has been pulled by Stevenage Regeneration Limited (SRL) because of the continuing adverse economic conditions. The plans, which included realigning streets, moving the bus station and building a new department store, cinema, hotel, restaurants, and flats, had been given council planning approval in January 2012.