The store, owned by the community's Dene and Metis, cut back stock and operated without its bakery and meat sections.
The store's bleak situation was created in part by more than $20,000 in outstanding credit to local people, Chief Sam Gargan said.
"Our community suffers with a higher price because our members are not paying their bills," he said.
"We are concerned about it. We don't want this to go under."
Wayne Bonnetrouge, acting manager at Yamoria Grocery for the past year, said he has noticed a drop in sales and customers.
He has also seen the staffing level plunge -- the store now has five workers but it once employed 19.
"We're trying to get customers to pay their accounts or make arrangements to repay. That would bring some money back in," said Bonnetrouge, who has worked at the store since 1995.
Individuals were previously allowed maximum credit of $500.
Yamoria Grocery no longer accepts new credit accounts, Bonnetrouge noted.
Gargan said the idea of posting debtors' names in the community has been considered.
A new Deh Gah Got'ie Betterment Corporation board was to be appointed on Wednesday, Gargan noted. That body then creates boards to oversee Dene and Metis businesses such as Yamoria.
The next Yamoria board will have a number of options, according to Gargan. It could seek assistance from the Denendeh Development Corporation or the GNWT's Department of Economic Development, he suggested. The board could also refinance with the bank, he said.
If revenues from the Fort Providence bridge project are realized, the Dene and Metis could even tear down the existing store and build a new, larger one, Gargan said.
He added that he would like to see Fort Providence draw on business management expertise from the Hay River Reserve.
"They agree that they can come in and maybe work on re-stocking the store and put it back to full capacity," he said.