Tough times for staff in Peterborough as Bathstore goes into adminstration
Staff at national retailer Bathstore are facing an uncertain future after the company plunged into administration.
The bathroom specialist, which has a branch in Newton Way, Fengate, Peterborough, has called in administrators in a move that puts the future of more than 500 staff at risk.
The business will stay open while administrator BDO tries to find a buyer for the 135-strong chain.
The Hertfordshire-headquartered Bathstore also has branches in Huntingdon and Cambridge.
Outstanding customer orders will be fulfilled subject to available stock, but all installation services have ceased immediately.
The collapse comes after a failed sales process for the business, which has been owned by American billionaire Warren Stephens since he backed a management buyout in 2014.
Ryan Grant, business restructuring partner at BDO, said: "Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
"The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business.
"Bathstore is continuing to trade in administration, whilst the administrators seek a buyer."
The company employs 531 people across its 135 stores and head office in Hertfordshire.
The failure is the latest blow for the British high street, which is still reeling from a growing list of administrations and store closures.