Workers at Dublin department store, Boyers, say they are devastated at the decision to close the shop.
It is to close next January, with the loss of 83 jobs.
Boyers is a subsidiary of Arnotts, Dublin's oldest and largest department store.
The company has begun a consultation process with Boyers employees and their union representatives and is said to be considering redeployment options.
Mandate's Jonathon Hogan says the news came as a shock:
In 1961, the Arnotts company acquired Boyers which then became known as Boyers and Co.
By 1970, Boyers had expanded from its original 11 departments up to 21 - including a new café.
Throughout the 1970s, Boyers expanded even more with the acquisition of a hotel in Marlborough Street.
This resulted in the distinctive L-shaped design at the store, with three levels in Marlborough Street and two in North Earl Street.
Mandate and SIPTU trade unions have agreed to negotiations with the owner of Boyers on the orderly wind down of the company.
Mandate's Jonathan Hogan said: "The closure of the store is devastating news for the workforce. However, we welcome the commitment from the employer to sit down with the workers’ unions to negotiate not only adequate redundancy terms but also, where possible, the redeployment of staff".
Boyers employs 48 people directly and up to 35 through concession arrangements.
The news follows the announcement of Clerys closure last June.
In a statement, Fitzwilliam Finance Partners say: "Over a period of time, Fitzwilliam Finance Partners has engaged with a number of potential operators to manage and trade both Arnotts and Boyers Department Stores".
"As no potential operator has expressed an interest in trading the Boyers Department Store, Fitzwilliam Finance Partners has been left with no option but to announce the closure of Boyers in a managed and orderly fashion on 31st January, 2016".
It says the long notice period is designed "to facilitate appropriate consultations with staff", along with suppliers and concessions holders.
It adds that the decision to close "was a very difficult one and was only taken after Fitzwilliam Finance Partners carefully considered all the options".
