Uncertainty over future of Queensgate Shopping Centre 's fashion retailer Superdry as sales fall

Staff at a clothing retailer in Peterborough are facing an uncertain time after bosses revealed cost cutting plans it is thought could mean store closures.

Clothing chain Superdry, which has an outlet on the ground floor of the Queensgate Shopping Centre, has seen its revenue drop 23.5 per cent.

The retailer, known for its warm coats and hoodies, has blamed unseasonably good weather and the high cost of living for its falling sales.

It recently embarked on a turnaround strategy and a cost savings programme with plans to make more than £40 million of savings this financial year.

The move has prompted reports that the company is about to embark on a restructuring that could see many store closures and job cuts.

Julian Dunkerton, founder and chief executive, said: “Our efforts continue to focus on rightsizing the cost base and creating an operating model suitable for the needs of the organisation over the longer-term.”

Superdry’s challenges could mean another headache for Queensgate managers already dealing with an announcement from Marks & Spencer that it might close its store by April.

Over the last few years, the centre has seen some high profile exits including John Lewis, Next, Joules and the Disney Store.

But on Monday, retail group Frasers confirmed it is moving into the Queensgate and will occupy the space across four floors vacated by John Lewis.

Dr Cheryl Greyson, senior business lecturer at ARU Peterborough, said: “Superdry is going through a difficult financial period. It has made no comments on which stores are at risk of closure, so let’s hope this won’t impact Peterborough, as the store will really benefit from being in a prime position in Queensgate opposite the new Frasers development.

“Superdry seems to have lost its way as a brand and needs to work harder to appeal to the younger customers it thinks it is targeting, or just focus on the more middle-aged market of Dads who do like their good quality clothes.

"As we wait for a General Election, there is a great deal of uncertainty for the economy and particularly retailers.

"All retailers are going to be working hard to minimise their costs and keep a check on their least profitable stores.

"Now really is the time to support your favourite shops.”