The electrical retailer has been a Cork institution since it was founded by Flor Griffin in Bandon 38 years ago.
Mr Griffin moved to America a number of years ago and is now concentrating on his American business interests, which include a security company.
Staff had hoped an outside investor would take over the Flor Griffin chain and operate it under a different name but no deal materialised.
Mr Griffin is believed to have looked for somebody to take over the operation of his three stores in Ballincollig, Bandon, and Lavitts Quay in Cork City.
It is understood staff have been told that the Bandon outlet will be the first shop to close. The shop is already selling stock at a large reduction and it is expected that the shop will close at the end of the month.
The shop is selling off its stock at 40% discount.
The Ballincollig outlet and Lavitts Quay outlet will close at the end of October or November, depending on when the stock is sold.
Mr Griffin established his first store in 1975 in South Main St in Bandon, Cork. The business has remained 100% Irish-owned and expanded over the years.
The arrival of multinational electrical retailers such as Curry’s, Dixons, and Harvey Norman has put pressure on all indigenous electrical retailers.
The most high-profile example to date was Peat’s World of Electronics in Dublin which exited examinership in July.