Number of factors behind the decision
Looneys of Ramsey has announced it is going to close.
The department store says it's been a hard decision to make, and is largely down to a challenging retail environment, as well as factors involving supply, demand and property ownership.
The business, which has been operating for 85 years, also previously had a store in Peel.
Looneys is shut today (24 April) to prepare for its closing down sale, with a final trading date yet to be announced.
The family is thanking the store's 'dedicated staff' and all customers for their loyalty and continued support.
The company says it will not be giving interviews.
Ramsey MHK Lawrie Hooper told Manx Radio he and the government will be offering what help they can to employees and the firm:
Ramsey Commissioners Juan McGuinness and Lamara Craine have both described the move as a 'huge loss' for the town:
Government suffers fresh defeat over North and West Area Plan
Steam Packet confirms overnight sailings cancelled
Plans to be submitted for Ramsey Harbour flood defence scheme
"Substantial progress" made on design of new Castle Rushen High School, says minister
"Demand for green, clean energy is rising amongst all businesses", says MUA