A convenience chain has announced one of its stores in the High Peak will be closing – but three others are to remain open.

Supermarket chain Morrisons bought McColls earlier in the year for £190m to save it from administration.

However, it was announced on Tuesday November, 1 that nationwide 132 McColls stores will close including the Market Street store in Whaley Bridge.

Speaking to the national media Joseph Sutton, Morrisons’ convenience, online and wholesale director, said: “We very much regret the proposed closure of 132 loss-making stores but it is, very sadly, an important step towards the regeneration of the business.

One of the four McColls shops in the High Peak has been earmarked for closure in a company shake-up.

placeholder image — One of the four McColls shops in the High Peak has been earmarked for closure in a company shake-up.

"We have a great deal of work to do but there’s no question that McColl’s is a business with strong potential.”

The Whaley Bridge store along with the others up and down the country is closing because ‘there is no realistic prospect of achieving a breakeven position in the medium term’.

Cost of living crisis: nearly nine in 10 High Peak households in work

All 1,300 workers at risk from the closure plans will be offered roles elsewhere in the company, the supermarket said.

McColls stores on Spring Gardens, and Scarsdale Place – both in Buxton – and on Victoria Park Road in Fairfield will not be closing.

Morrisons, which has lost its place as the country’s fourth largest grocer after being overtaken by Aldi, says its profits have plummeted by 50 per cent as people shop elsewhere due to the cost of living crisis.

A statement issued by David Potts, chief executive of the Morrisons supermarket chain, added: “We are now able to begin the urgent journey to transform McColl’s into a viable, well-invested and growing operation.”