Argos is set to close all of its stores in the Republic of Ireland.
The UK retailer has 34 stores in Ireland and plans to close all of them by the summer.
Some stores will shut in March as their leases come to an end, with the remainder to close their doors by June 24th.
Some 580 workers will be impacted by the news.
In a statement, the company said "enhanced redundancy terms" would be offered to all staff and insisted it would go "well beyond its statutory obligations".
Workers that are not legally entitled to redundancy will be offered a "one-off goodwill payment."
“Everyone at Argos recognises that today’s news will be unsettling for all its colleagues, some of whom have served Argos customers in Ireland for many years, and disappointing for its loyal customers,” it said.
Argos Ireland Operations Manager Andy McClelland said: “We understand this is difficult news for our customers and colleagues.”
“As with any major change to our business, we have not made this decision lightly and we are doing everything we can to support those impacted.
“On behalf of everyone at Argos, I would like to thank our colleagues, customers, suppliers and partners for their support to our business.”
On The Pat Kenny Show this morning, Housing Minister Darragh O’Brien said it will be a hard day for staff.
“Of course, it is very tough for anybody to lose their job or to hear news like that,” he said.
“I certainly know that our department of Enterprise and Minister Coveney will be actively involved in that space.
“The one thing I suppose about receiving bad news for people is that the jobs market in Ireland is really strong.”
Staff at Argos stores were warned not to talk to the media this morning
Speaking to Newstalk’s Chief Reporter Barry Whyte at the Argos store in St Stephen’s Green in Dublin, customers said they are surprised and shocked at the news.
One staff member who has worked there for 16 years said she is “absolutely gutted”.
Retail Excellence Ireland said the closure highlights the “fragility and the rapidly changing nature of the retail industry”.
“Retailers are experiencing their toughest time of year now and many are struggling to keep afloat,” it said.
“We note that vacant units around the country are not being filled quickly enough which is a significant concern. It is critically important that the Government continue to monitor developments and step in with supports, if needed, in the lean months ahead.”
In a statement, the Mandate Trade Union said it is disappointed at the decision and will work with the company to get the best deal for staff.
Argos will fully close all of its Irish stores by June 24th.
Customers will no longer be able to pay for orders online or place orders via the home delivery service after March 22nd.