Sorry to hear that Andy. I would imagine that the landlords have already discussed their plans with the council before announcing this and there will be some kind of deal done to allow it to happen. I assume that the building is going to be demolished as it would not be practical to convert it, with something like the Factory Shop building replacing it.
I certainly don't expect our beloved council to do anything to stop it - providing they get some "planning gain" in return (eg. new parking spaces or a wad of cash towards town centre improvements!