Staff at Homebase, at Waterglade Retail Park, in Old Road, have been told that the store will close in June.
The site originally opened in 1988 as part of the Texas group and was taken over by Homebase in 1995.
The lease may be taken on by B&M.
And B&Q in Ore, East Sussex has closed to make way for an Aldi supermarket.
Meanwhile, B&Q is set to convert its Redditch store into a smaller new generation centre, with a new layout, lower level displays and colour-coded signage, and a garden centre.