The announcement, which ends Co-op ownership of the four-floor building after 84 years trading, means the potential loss of 28 full time and 49 part time jobs, though Anglia has promised to help staff find work in the area.
The deal to sell the store, which was acquired by Anglia from United Co-operatives five years ago, is expected to be completed in January.
Anglia Chief Executive John Chillcott commented: “The store has traded well over the past five years, but not sufficiently so to support the future capital expenditure required to maintain this very large building in its current format. So, regretfully, the store will close its doors early in the new year.”
Mr Chillcott thanked the staff for their enthusiasm, dedication and commitment to the business over the past five years and said the society would try to accommodate employees in its other stores or help to find them alternative work locally.
He added: “I would also like to thank regular Westgate customers and assure them that it will be ‘business as usual’ for the remainder of the year and through Christmas before the closure in January.”