Chief executive Mark Cox said the decision had been made after a strategic review of its business and “given the negative and protracted impact” Covid-19 had inflicted on the travel sector.

Its four stores – three in Jersey and one in Guernsey, which have regularly been shortlisted in TTG’s Top 50  – will shut on 31 January.

Travelmaker stopped taking new bookings on Friday 18 December.

“We have made every possible attempt to avoid this closure, however we are unable to sustain the level of losses incurred by this strand of the Society,” said Cox in a statement.

“All affected colleagues in Jersey and Guernsey have been told and are currently being supported. They have been given the option of redeployment within other areas of the Co-op business, or the option of redundancy.”

Despite the closures, Cox added the business was “in advanced discussions” over the possible takeover of one of its Jersey stores and was also supporting impacted staff “in potentially setting themselves up as personal travel agents under Midcounties Co-operative Travel”.

Further details on both developments would be announced soon, he said.

“We will continue to assist customers with any confirmed travel bookings and provide the necessary support for any recently cancelled holidays due to Covid-19 that are still awaiting a refund from the tour operator or travel provider,” said Cox.