Dublin music radio station TXFM is to close down and lay off six staff, it confirmed in a statement on Wednesday evening.

The station, formerly known as Phantom FM, has held its Dublin alternative rock music licence since 2006 which expires on October 26th next.

In a statement the company that runs the station, Dublin Rock Radio Limited, said it did not apply to renew the licence ahead of a deadline yesterday.

“This decision means that the station will cease operating in the coming months and that all staff (six) will be made redundant”, the statement added.

Commenting on the decision, Chairman Trevor Bowen said: "We would like to thank the staff, the presenters, the contributors and above all the loyal listeners that supported the station since its launch 10 years ago.

Gervaise Slowey, CEO of Communicorp, which is one of the station's shareholders, said: "It is with great regret that we have come to this decision, however despite a recent rebranding and a restructuring of the business, it has not been possible to make the station commercially viable."

She also added “Communicorp are committed to funding their share of the redundancy costs.”