Company directors have made the commercial decision not to renew their lease on 76 Patrick Street which began trading in Cork in July 2015.
The decision has resulted in the loss of three jobs.
In a statement issued earlier this evening, the business cited the current pandemic, as well as the Pana ban, as contributing factors in the decision to close.
"This decision will regrettably result in Hairspray Cork's store permanently closing with three job losses.
"The decision not to reopen the store was not taken lightly, however, it was a decision based on a number of key factors which included the traffic restrictions introduced on Patrick Street in 2018, which overtime significantly decreased footfall in the store.
"Furthermore, the coronavirus pandemic and social distancing we believe will create a multitude of new challenges for the retail sector which was already under pressure with overseas online competition," the business stated.
Hairspray, which also has three stores in Dublin, thanked their Cork customers for the support over the past five years.
"We would sincerely like to thank all our Hairspray Cork customers and staff for their support and business over the last five years.
"We will continue to serve our Hairspray Cork customers online."