Crunch talks are due to take place in a bid to persuade Marks and Spencer bosses to keep the chain in Accrington.
The high street giant made the shock announcement that its Broadway shop would close in May after 53 years, last week.
Since then more than 1,000 people have lent their support to an online petition asking M&S bosses to reverse their decision to leave the town.
Hyndburn council leader Miles Parkinson and Tory group leader Peter Britcliffe are due to sit down with Arndale Centre bosses to discuss the future of the M&S unit.
Coun Parkinson said they will also join forces in the hope of persuading M&S bosses to make a u-turn on their decision or turn the unit into an M&S Simply Food.
He said: “Residents are deeply concerned about the closure of M&S and that’s why we will be having meetings with the Arndale Centre to see if it can be saved.
“We will also be sitting down with M&S. We need to find out the details of what they have based their decision on.
“There may be other options, such as Simply Food as the food hall has always been well received in the town.”
Accrington Town Team chairman, Coun Clare Cleary added: “We are getting two M&S representatives coming up from London to speak to us.
“We are on a fact finding mission finding out why it is happening.
“We want to be as productive as possible to see if we can find a solution.
“I have had a lot of reaction from people who are worried and concerned.”
Campaigners claim the loss of M&S from Accrington would be devastating and could lead to the ‘slow death’ of the town centre.
The 28 staff working in the Accrington store will be offered roles at the new M&S Simply Food set to open at New Hall Hey Retail Park, in Rawtenstall, and at other existing stores.
But former councillor Les Rushton, 74, said the Rawtenstall store is likely to attract far fewer customers and urged people to write to M&S director Robert Swannell appealing the closure.
He said: “This decision doesn’t make any sense. The catchment area of the Accrington branch is around 80,000 while the whole population of Rossendale is only 50,000.
“If the store closes it could have a domino effect. The whole thing could be devastating and could be a death knell to Accrington town centre completely.
“If this happens Accrington will die – it will strangle the life out of it.”
Eunice Duckworth, 78, and her daughter Corby Hacker, 38, will be collecting signatures protesting the closure outside Accrington M&S from 10am on Saturday January 10.
The mum-of-two, who works at Halifax in the town centre, said they will send the petition to Hyndburn council and M&S head office.
She said: “There’s nothing in Accrington at the minute so if that main shop goes the place will be dead.
“My mum goes to M&S about four times a week and I go all the time too. It’s one of the only decent things we’ve got left.”