Uncertain times for staff in Peterborough's Serpentine Green Shopping Centre as Mothercare totters towards administration
Staff at Mothercare in Peterborough face an uncertain future as the retailer edges towards administration.
Bosses at the baby care business have announced plans to appoint administrators for the UK retail operation of 79 stores including one in Serpentine Green Shopping Centre, in Hampton.
The move puts more than 2,000 jobs at risk across the UK.
The news comes three years after struggling Mothercare announced the closure of its store in Bridge Street, Peterborough.
Then the aim was amalgamate the city centre store with the Serpentine Green branch.
The latest moves was announced in a statement on the company's website and follows an indepth review of the business including discussions with potential partners about the UK business.
The statement adds: "It has become clear that the UK Retail operations of the Group, which today includes 79 stores, are not capable of returning to a level of structural profitability and returns that are sustainable for the Group as it currently stands and/or attractive enough for a third party partner to operate on an arm's length basis.
"Furthermore, the Company is unable to continue to satisfy the ongoing cash needs of Mothercare UK."
The company points out that the UK retail operation is making a loss in contrast to the rest of the global business of more than 1,000 stores in 40 plus countries.
The UK retail stores made a total loss of £36.3 million for the 12 months to the end of March this year with the stores around the rest of the world generating more than £500 million in revenues.
The business has struggled for sometime to get to grips with the customers' move to online shopping and has suffered with price competition from supermarkets