Department store Beales of Wisbech has collapsed into administration.
A record turnover of more than £1 million is expected to be hit by the telecoms division of the Mick George Group.
The future of a marquee used by a village pub hangs in the balance after council officials recommended it be removed for causing "significant and demonstrable harm".
One of the oldest department store chains in Britain - which has a prime site in Church Terrace, Wisbech - could be set to go into administration unless a buyer is found.
Fenland Council is to use its own reserves and borrowing to create a £25m fund to turn a profit through a newly formed trading arm.