The announcement comes just four weeks after Target announced they would also be closing dozens, and one week after fashion chain Witchery closed its Peel Street site.

Just like Target, the Woolworths Group declined to either confirm or deny that the Tamworth store may be on the chopping block when contacted by The Leader.

It did however release a statement saying "this review has never been solely focussed on regional stores, but our entire network." 

"Details of store closure locations will not be released due to ongoing discussions with landlords," the spokesperson said.

"We will inform our team members, customers and community stakeholders well in advance of changes to any specific store."

Woolworths chief executive Brad Banducci said the company will begin end-of-lease negotiations with landlords to assess which stores would be most economically viable to be closed.

Rumours have been rife in Tamworth regarding the closures of several retail stores in recent months.

The Leader understands another large Peel Street franchise was recently saved at the last minute after the landlord agreed to reduce rent just one business day before the store planned to publicly advertise its closure.

The Tamworth Business Chamber was contacted for comment, although no one was available. However, president Jye Segboer took to the Leader's Facebook page urging residents to shop local.

"It's the current state of the economy driven mainly by the drought," he said.

"Retail everywhere is suffering with online shopping - people need to shop local and support local jobs and growth."

The Big W brand posted a loss of $110 million last financial year, while the closure of 30 stores are set to cost another $370 million.