The Lambert Puppet Theatre, home of iconic children's TV programmes Wanderly Wagon and Bosco, has confirmed it is to close its Dublin premises after more than four decades.
The theatre's director, Liam Lambert, said the decision to sell the building was taken as a result of increasing financial pressures.
The Lambert Puppet Theatre was founded in Monkstown, Co Dublin, by Eugene Lambert.
It was officially opened by Gay Byrne in 1972 and includes a live performance space and workshop.
Liam Lambert, who is Eugene's son, said that the theatre had not recovered from the recession and that the ageing building was too expensive to maintain.
Speaking to RTÉ's Morning Ireland, he said: "There is an old saying in the theatre business - first in to recession and last out.
"When the crash happened we were hit straight away. Our demographic - people with young children - were the first hit. 60% of our turnover was from school tours and in the first year of the downturn that was cut in half."
In 2015, the building was badly damaged by arson and 300 puppets were destroyed in the blaze.
The theatre reopened, but Liam Lambert described it as an "enormous blow".
In the interview, he said health concerns were also among the reasons for selling the building.
"You keep on going but you do realise there is a point that you have to stop.
"It is extremely hard to be closing the theatre with all of its memories. I am sure it is going to affect an awful lot of people."
The Lambert Puppet Theatre will be sold, but it is hoped that the business can continue as a touring company.
"I have four people working with me for quite a few years. I will still be able to do the shows," Mr Lambert added.
President Michael D Higgins has paid tribute to the Lambert family and the puppet theatre.
In a statement, he said: "The Lambert Puppet Theatre and Museum has brought joy and entertainment to countless children for over four decades.
"Its characters were not only amusing but also encouraged their audiences to query the world around them, as to the nature of relationships, perseverance and ethics.
"We will always be grateful for the ways in which the Lambert family, through their skills and dedication, have enriched Irish society and I look forward to seeing their work also in future years".
From the Archives:
A Family of Puppeteers
Eugene Lambert and the puppet theatre
Lambert Puppet Theatre celebrates 30 years
The magic of puppetry
