One of Dublin's most venerable schools, Pembroke School - widely known as Miss Meredith's - is to close at the end of the school year in June.
The closure will leave about 20 teachers without jobs and about 100 pupils looking for a new school.
The school, which catered for primary and second-level students, enjoyed a reputation for academic achievement combined with a family-like atmosphere in small classes. Students pay fees of over €3,000 a year.
In a letter to parents and staff, the directors of the school, Dr Pauline O'Connell and Penelope O'Connell say they have no alternative but to close the school next June due to "circumstances, financial and otherwise". They say new EU legislation which gives part-time teachers the same pay rates as their permanent colleagues means the school was no longer financially viable.
A number of parents who contacted The Irish Times said they were shocked and devastated by the news. One complained that the closure was being presented as a fait accompli "even though many parents would pay more fees, or do whatever it took, to save the school".
Based in an elegant Georgian building on Pembroke Road, the school was established by Miss Kathleen Meredith in 1929 in the heart of Dublin 4.
For many the school is still affectionately known as Miss Meredith's.