“Closing down” signs have appeared on the Bargain Buys in shop in North Street, Sudbury in recent days.
The discount store, which is part of the Poundstretcher brand, first opened in July 2019.
However, punters who were mourning the closure were left confused after some locals said the shop is simply being “rebranded”.
“We understand that this shop is not closing. Instead it will be rebranded,” claimed the Admin of Sudbury Community Watch.
If it does shut as is believed, customers will be able to buy products for 20 per cent less than advertised elsewhere as the shop flogs its remaining items.
Bargain Buys refused to comment when approached by The Sun Online.
It comes after reports the Bargain Buys store in Northfield Retail Park, Kettering, will pull down its shutters for the final time in early 2024.
The unit will then be taken over by Pure Gym.
Pure Gym confirmed it was taking over the site from Bargain Buys, however it did not reveal the exact date it will open.
A Pure Gym spokesperson said: “PureGym is excited to be bringing affordable, flexible fitness to Kettering in early 2024.
They added: “This will be a fantastic facility for the people of Kettering and the surrounding areas, helping the local community to support their mental and physical wellbeing.”
Meanwhile, a number of other discount chains have closed stores this year.
B&M has closed nine stores since February this year, including in Stockton, Bristol and Bolton.
Meanwhile, Quality Save, owned by TJ Morris, pulled down the shutters of its store in Chorley on October 6.
Staff were transferred to a Home Bargains branch at the nearby Alliance Retail Park.
Poundstretcher, which owns Bargain Buys, has closed 13 branches this year too, including in Romford, Grantham and Grimsby.
A number of other retailers on the high street are struggling too as the high street takes a hit.
Shoppers are increasingly turning to online retail and away from physical branches.
High inflation since last year has seen households’ budgets squeezed too.
In June, Boots Pharmacy announced plans to consolidate its portfolio of 2,200 to 1,900 in a blow for shoppers.
Meanwhile, Wilko and Paperchase both fell into administration this year.
But it’s not all bad news.
Paperchase has since returned to shops after opening concessions in 250 Tesco supermarkets.
Meanwhile, Wilko has relaunched online and some of its physical branches have reopened to the public.
And in September, B&M snapped up 51 former Wilko stores as part of expansion plans.