The experience has brought over 60,000 visitors to the city centre since it opened, delivering a €7.8 million boost to the local economy.
The IRE stated that it intended to gift the architecturally significant, award-winning building to the State to help with visitor footfall to Limerick city centre.
The proposed offer would have allowed Limerick City and County Council to use the building for civic purposes post-2028, but negotiations could not advance.
Despite being entirely debt free, the IRE decided to close the business after being unable to finalize negotiations with the Council.
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