Mobile phone retailer 3G Mobile has confirmed the temporary closure of all its Irish outlets.
Staff were made aware of the closures yesterday.
The company has 27 stores nationwide and 150 members of staff are affected by the temporary lay-offs.
The group is now hoping to acquire alternative investors and it is understood that negotiations are currently underway.
Sources have revealed that the decision came after a board meeting yesterday.
The company says it has retained a core staff to deal with customer queries and is still hopeful that the stores will re-open.
It is believed that the retailer employed 160 people, although it is not known exactly how many members of staff have been retained to deal with queries.
Although 3G Mobile has acted as a third party retailer of mobile phone network 3's products, the closure of 3G Mobile's retail stores has no link to the network.
The 3 network is owned by Hutchison Whampoa and claims to be the country's fastest-growing mobile network.
Since the announcement of its closure yesterday, the 3G Mobile website is no longer available, and only provides two mobile contact numbers for customers who need information.
Callers to customer helplines operated by the company were told it could be closed for two to four weeks and were informed that the company was currently in a period of re-evaluation.
The 3G stores sell a number of mobile electronic devices including mobile phones, wireless broadband packages, iPhones and a range of other equipment.