Property developer Noel Smyth's Fitzwilliam Finance Partners plans to close Dublin department store Boyers with the potential loss of more than 80 jobs next January.

Fitzwilliam recently took control of the Arnotts Group, which owner of both that store and Boyers in Dublin's city centre.

The company told management and staff at Boyers on Wednesday that it plans to close the store in January following an “orderly wind down”.

The news follows last June’s sudden and controversial closure of Clery’s on O’Connell Street.

Boyers employs 48 people directly while between 30 and 35 staff work on its various concessions.

Fitzwilliam has begun talks with workers and their union representatives.

The company said that as it could not find any company interested in managing and trading Boyers, it had not choice but to close it.

Mr Smyth said that the decision “ is very regrettable but unfortunately, was unavoidable”.

He added that the company would pay staff the redundancy terms agreed with their union representatives.