Co-op has pulled out of Cardigan, the Tivy-Side can reveal.

Staff at town’s outlet have been rocked by the announcement which came in the wake of the society’s earmarking of around 300 stores for closure or sell-off.

The Tivy-Side understands that staff were left in tears after being informed of the shock decision in a surprise meeting on Tuesday.

The Cardigan branch – along with the outlet in Aberystwyth – is one of 100 stores which has been bought up by investment firm Hilco Captial.

The move has left shop workers stunned and angry.

“The staff are in uproar,” said one member of staff.

“Staff were in tears at the meeting but we were all told to keep quiet.

“It is ridiculous.

It came completely out of the blue - nothing has been said to any of us prior to the announcement.

“We were aware that the Co-op planned to sell off some stores but we were under the impression that that was all happening in the north of England. We had no idea it was going to hit us too.

“They are telling us that they are going to ship us all over to the buy-out company, but who knows?

“Everyone is devastated - there are staff members of staff who have been here 10 and 20 years, but the bosses do not care. They just look after themselves.

A spokesman for Co-op told the Tivy-Side: ““I can confirm the sale of our Lower Mwldan, Cardigan, store to The Food Retailer Group Limited, part of retail investor Hilco Captial’s group.

“An important consideration for us was that colleagues would have continued employment as a result of this sale, and this agreement ensures that colleagues will continue in their jobs and have their terms and conditions maintained post-sale.

“The decision to sell the store has been made as part of our ongoing store review process and is in no way a reflection on the hard work and commitment from the 21 colleagues working at the store.”

Hilco Capital was founded in partnership with US firm Hilco Global. The company describes itself as “the global leader in distressed investment and advisory services”.