The group, which has locations in Victoria, Fulham and the West End, believes there is no viable path to reopening at this time due to the ongoing uncertainty around when the Government will withdraw social distancing, and when workers and shoppers will return to London in higher numbers.
As a consequence, Market Halls says it has started a consultation process of redundancy with staff.
At the time of writing it is not known how many jobs have been impacted.
“Market Halls will reopen when it can," says CEO Andy Lewis-Pratt.
"It is heart breaking to see our business, like so many others, brought to its knees by COVID-19 and the ongoing uncertainty around how we get back to normal. I am desperately sorry for my employees and the independent food traders that make our Market Halls Family so special.
"We will support them as much as we can and continue to explore all possible opportunities to get us going again.
“One thing is for sure, Market Halls will reopen. And when it does, it is my ambition to re-employ as many of our staff as possible. Unfortunately our business is only viable when it is bustling with customers.
"This means for our venues to reopen, social distancing needs to have been withdrawn and workers and shoppers back in the city. Currently, it is simply not possible to provide the Market Halls experience that our customers know and love.
”While we welcome the moves to ease lockdown and wish everyone opening this weekend the best of luck, what will significantly help all of us is a firm indication of when social distancing will come to an end and, together with the London Mayor, a joint determination to get London safely back to work and its streets busy again.
“Everyone at Market Halls is very grateful to our customers and supporters. We have been overwhelmed by your kind messages throughout this difficult period and we can’t wait to welcome you again when we re-open. Until then, please stay in touch online and we will bring you more updates when we have news to share.”