The changes will affect the Kinchbus 2 service from September the 4th.
From September the Kinchbus 2 route from Loughborough will terminate at Sileby instead of Leicester.
Sunday and evening services will also be scrapped.
According to Kinchbus the route has been losing money since before the Covid pandemic and post-lockdowns it has not recovered.
They have said that about 70 per cent of the customer base will still be able to travel as they do now.
Jeff Counsell, Kinchbus managing director, said: “We are very sorry indeed that we must curtail the route. But to continue to deliver our other services we cannot afford to run the full route without enough customers.
“Kinchbus 2 had been struggling before Covid and have not seen the bounce back in numbers that other services have seen. The Government has been supporting the bus industry since the pandemic hit but this help ends soon."
Key school time services and commuter journeys from Quorn, Barrow and Sileby into Loughborough will be staying the same.
Jeff Counsell, said: “The silver lining in what was a very difficult decision is the extra drivers we can put onto our other services which will mean much fewer cancellations.
“Running more services more frequently on the journeys that most people need will grow customer numbers and make them more sustainable.
“We are talking to the local authority and other operators to see if they can support the affected route. Some customers will also be able to access our skylink service and those of other operators.”