The largest lap dancing venue in Ireland Stringfellows is to close after just five months in business.
The club was a cause of considerable controversy, particularly among the community in the Parnell Street area of north Dublin where the venue was located.
The club had been dogged by rumours of low attendances and almost nightly protests by local residents opposed to the venture since its high-profile launch.
Owner Peter Stringfellow said: "It is with disappointment that we have learned of the demise of the Stringfellows venture in Dublin.
"It is particularly unfortunate because of the recent success the club has been enjoying," he said.
The nightclub boss said neither himself nor any of the Stringfellows companies had any shareholding or financial interest in the Dublin business known as Sabley Taverns Limited, which was operating the club.
Stringfellow said he had allowed Irish operators to use the Stringfellow name and table-side dancing concept as a licencee.
"I genuinely hope that Stringfellows at Parnell Street could reopen in the near future with new owners and operators," he said.
"In which case we would be prepared to negotiate the licence with new operators provided they are genuine and first-class."
A statement from the operators Sabley Taverns Ltd said the club had been due to open in November 2005 but protracted legal issues surrounding the granting of licenses resulted in the loss of valuable Christmas trade.
"In addition to this, the ongoing protests outside the club, which have continued to date, resulted in a reluctance of the vital corporate sector to embrace the club," the company said.
"Despite considerable progress made in the past weeks the company has reached a point whereby it is no longer in a position to meet its financial obligations. The directors therefore had no alternative but to cease operations with immediate effect resulting in the closure of the club."
The club which complimented its lap dancing services with a restaurant and late bar, was open until 3am six days a week.
The club offered punters a topless dance for €30 for around 4 minutes. Private booths were also available with prices starting at €240 for a half-hour. Male dancers were also available on Saturdays.
The club opened in a blaze of publicity in February with its celebrity owner Peter Stringfellow in attendance.
His eponymous club in London became famous for its young women hostesses. It became one of the most famous clubs in the world, frequented by celebrities from all over the world.
In more recent years, it developed a "table dancing" club as part of its facilities and branched out from London - where there are two clubs - to Paris and Dublin.
Stringfellow became a celebrity in his own right as he promoted his clubs with media appearances in which he portrayed himself as likeable if somewhat buffoonish wag.
He is renowned for his eighties-style long hair and the bevy of attractive young women who accompany him at publicity events.
The Dublin club was on a far bigger scale than anything previously seen in Ireland and the choice of location - away from the city's main areas for late-night revellers - was greeted with surprise and local anger.
On opening night, around 50 protesters heckled celebrities and first-time customers waving banners baring slogans such as "No Sleaze In Our Area".
Labour Party councillor Emer Costello welcomed the announcement saying its location was "totally inappropriate".
She said the closure was "a victory for people power" after locals launched a high-profile to stop the club being licensed.
Ms Costello said the news again highlighted the weakness in the planning laws that did require licences to be issued for adult shops and adult entertainment clubs.
Additional reporting by PA