A printing firm in Dublin, Terenure Printers, is to close with the loss of 160 jobs following the loss of several key contracts.
The firm prints the Sunday World, Sunday Tribuneand the Irish editions of the Daily Starand Star on Sunday,will close at the end of July.
The decision follows the loss of key print contracts, including: Express Newspapers, Buy & Sell Magazineand the Irish Farmers Journal.
One hundred and fifteen permanent and forty eight casual staff, will be affected by the decision.
According to management at the company factors in the decision include, the serious financial impact of key contract losses and increased capacity and competition in print contracting in Ireland.
A redundancy package of €10m will be available to staff.
Workers will be entitled to six weeks pay per year of service inclusive of all statutory entitlements will result in packages ranging from a minimum of one year's gross pay, regardless of service, to €230,000 for longer serving staff.
The Managing Director of Terenure Printers, Michael Brophy, said: "This was a difficult decision but it was unavoidable in the context of recent print contract losses and the underlying cost issues involved."
"Despite our best efforts we were unable to recover these key print contracts for Terenure and over recent days our focus has shifted to securing a generous and fair package for our employees, reflective of their contribution and efforts over many years," he added.