The group announced it is restructuring the two stations - i102-104 in the northwest and i105-107 in the northeast.
In a statement, the company said advertising revenue had fallen due to the economic downturn and that steps needed to be taken to secure the economic viability of both stations.
Staff were told today that ten full-time staff and two part-time employees will be made redundant from the middle of next month.
This reduces the number of full-time staff from 52 to 42.
iRadio also announced that it will now co-locate both radio stations at its existing facility in Athlone, Co Westmeath.
Shareholders will be required to invest a further €1.5m in the company.
