The Screen cinema in Dublin's city centre, will shut its doors in a week's time after 35 years in operation.
It is thought that falling ticket sales is the reason behind the closure, with the cinema's parent company IMC saying last year they intended to sell the cinema due to a drop in audiences.
The cinema, on the corner of Hawkins and Townsend Street, has been operating since 1980, and currently retains four members of staff.
They had been offered a redundancy settlement or a transfer to O'Connell Street's Savoy cinema, which is also owned by IMC.
However, the redundancy option has since been withdrawn, The Irish Times reports, with staff being told they will be transferred to the Savoy without the option of a redundancy package on Monday, February 29.
IMC Head Office had no comment on the cinema's closure when contacted by TEN.
Stories of the cinema's imminent closure emerged last November and was confirmed on Friday.
The Screen was previously known as The New Metropole, a picturehouse which first opened its doors on March, 1972 on the site of the previous cinema, The Regal which had been demolished to make way for offices. Before that, it was the Theatre Royal. Built in 1821, it boasted a wintergarden and restaurant.
Some sources suggest that the nearby Hawkins House site, which houses the Department of Health, is to be completely re-developed as it had become run-down in recent years.
The Office of Public Works is currently in the process of coming up with an action plan for the site and has consulted owners of nearby properties.