It is understood that the 318 staff at the department store were told of the closure plans at just after 10am today.
The retailer has begun a consultation with staff about the proposed closure but says the store will not reopen after lockdown when non essential stores are allowed to resume trading.
The closure will be a major blow to Queensgate, where the store, which has recently underwent a £21 million revamp, occupies four storeys and from where it has operated for 39 years.
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The closure may also throw into doubt a multi-million pound cinema led extension to the Queensgate centre.
It is understood the Peterborough store is one of eight earmarked for closure and announced today.
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