It has been confirmed to the Limerick Leader that the premises will close next week, but the company have received expressions of interest from a number of companies keen on taking over the multi-million euro premises.

The store, which is the only shop in Moyross and serves some 900 homes in that area, opened in 2004.

Residents in Ballynanty, Kileely and Thomondgate would also use the store on a regular basis, as it houses the local post office which was controversially moved from Ballynanty last year.

It remained unclear this Wednesday morning if the post office will remain in Moyross, with a number of sources mentioning a possible move back to Ballynanty.

Mayor of Limerick, Cllr Kevin Kiely, said the closure of the shop will "create a vacuum for the people in the area".

"I'm very disappointed to hear that it's going to close, but hopefully it'll re-open as soon as possible. It creates huge employment in the area and the majority of people working there are from the area," said Mayor Kiely.

Staff were made aware of the store's financial situation this Monday morning following a meeting with management.

A spokesperson for the company said the shop was performing well up to this period and had experienced a 10 per cent growth in the past year.

"It will be run as a going concern until next week. There is a new owner on the horizon and there is a strong possibility that it will change hands," said a spokesperson.

"It will be a huge blow to the area if a new owner is not found. It's the only shop in the area and will mean residents, and those from Ballynanty, Kileely and Thomondgate, could have to walk up to 40 minutes for a pint of milk."