Anglo Irish Bank confirmed this morning that it had withdrawn funding on the£200m scheme, which has now been put on hold until further financing can be found.
The 500,000 sq ft (46,450 sq m) Trinity Walk scheme in the centre of Wakefield was due to open in Spring 2010.
Department store Debenhams has signed up to anchor the centre with a 92,000 sq ft (8,545 sq m) store. Next, New Look and H&M are also due to open stores.
The scheme is owned by a joint venture between Manchester-based developer Modus and Ciref.
In December Modus announced that it wished to sell its 50 per cent stake in the project and remain in a solely asset management role.
It has also been forced to put on hold schemes in Warrington and Crewe due to similar issues over financing.