Jewellery chain H Samuel has announced it will be closing its Buxton store next month.
The company says the decision was made as part of its re-assessment of its portfolio when the lease on its unit at The Springs shopping centre had become due.
It comes after last week’s shock news that the town’s M&S store may close.
The proposal - which could see 46 M&S staff out of work - is now subject of an online petition as councillors and Ruth George MP fight to keep it open.
Linda Grooby, vice chairman of High Peak Borough Council’s economy and growth committee, said she was disappointed and that losing the H Samuel store would be a ‘big loss to the town’.
She said: “We’re working to bring other things to the Spring Gardens centre but for the moment there’s no guarantee of anything.
“We are working on the situation and things will pick up with the Crescent opening - there will be a lot of opportunities there for people and it’s not the end of the road.
“The problem is so many people shop online now and with the high street there’s an element of use it or lose it.”
Jean Todd, High Peak councillor for Buxton Central, said she was worried the proposed closure of M&S was setting a dangerous trend for the town centre.
She said: “People were predicting other shops would follow suit.
“It does worry me that if we lose M&S others may go.”
Spring Gardens’ H Samuel store is set to close on February 2.
A spokesman said: “We continually re-assess our portfolio of stores on a store by store basis - particularly when individual store leases come up for renewal.
“This particular closure bears no reflection upon the future plans of the Signet business estate overall within the UK.
We are sorry to be leaving Spring Gardens however we do have an a wide online offering at www.hsamuel.co.uk with next day delivery service.”