Traders were yesterday given just two weeks' notice by owners Wendy Fair Markets that the market will close on September 6 because of spiralling rents.
The company runs the market stalls at three locations in Corby; in New Post Office Square, Everest Lane and in an alley off Corporation Street, in the town which has had a market for nearly 800 years, since King Henry III granted a charter in 1226.
Stallholders are hoping the market can be saved and Land Securities, which owns the town centre, has revealed it is working with traders to come up with a solution.
Sally Ward, director of Wendy Fair which manages markets across the country, said: "The market has never been part of the overall plans for the town centre, which is really unfortunate because it's been there for so long.
"Wendy Fair took over in 1988 and we have moved several times because a market, by its very nature, is fluid and adaptable. We tried to adapt when the market left Queen's Square but there is less space.
"The traders bring a real vibrancy to the town centre and have a personal touch when it comes to shoppers. It is a shame when a lot of places are trying to bring back their markets to the heart of their town centres that we can't do the same in Corby."
Wendy Fair bosses tried recently to get the market moved to Corporation Street but the bid was rejected by Land Securities.
Miss Ward added: "We're still trying to come up with something else but unless things change quickly, the market will close on September 6."
A Land Securities spokesman said it was taking steps to secure the market's future.
Corby town centre director Daniel Pickard said: "The market trades six days a week and, having spoken with nearly all stallholders over the weekend, they wish to continue trading. The short notice given to them gives us very limited time to find another operator. In the interim, we are looking at the possibility of purchasing market stalls and operating the market ourselves."
"Land Securities is aware of the market's value to town centre shoppers and we will do all within our power to ensure continuity of trade."
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