Frozen food retailer Iceland is to close its seven shops in the Republic of Ireland, saying the business is losing money. The chain employs around 160 people in the Republic.
'We cannot afford to sustain those losses any longer and have reluctantly decided we have no alternative other than to cease trading,' a statement said.
The company said it was trying to find a buyer for some or all of the business and was looking at all options to secure the jobs at the company.
Last June the Sunday Times ranked Iceland 21st in Britain's 100 biggest private companies and last year the firm had sales of £1,472m.
The frozen food specialist was previously part of the Big Food Group until Icelandic investment firm Baugur bought it in February. Baugur acquired BFG in a £326m deal and sold Iceland to another investment group.
Iceland has more than 700 stores across Britain and Ireland with 250 also selling fridges and freezers. It is headed by Malcolm Walker, the founder who returned after a four-year absence.
The company said today that it found the business was 'in a very poor state financially' after the takeover earlier this year.
