THE waxworks in Brading is closing in January due to a lack of visitors at the attraction.
Robert Ball, director of Brading Trading, the operating company for Brading the Experience (formerly Isle of Wight Wax Works), announced on Wednesday the attraction had become unsustainable.
Mr Ball acquired the attraction in 2001, when visitors were in excess of 60,000 a year but numbers have consistently fallen and insurance and electricity costs have risen.
"The last three years have been particularly bad, culminating in visitor numbers for the current year being about 25,000, despite major investment, advertising campaigns and cut-price admission," he said.
Four part-time staff have already been given notice, while other staff will be offered alternative employment at The Bugle Inn, which is part of Brading Trading.
The attraction will remain open seven days a week until the end of October and then at weekends during November and December.
Its half-term Halloween activities will also go ahead as scheduled, before the wax museum closes on January 3, 2010.
The future use of the site and buildings is currently being reviewed.
Reporter: mattw@iwcpmail.co.uk