Four ex-Debenhams workers, along with a fifth person are occupying the company's former store in Waterford.
They say they will stay there for as long as it takes until they are given the redundancy package they want.
The demonstrators have been in the shop since around 8 o'clock this morning, and say they got in by "seizing an opportunity".
"We want KPMG, Mandate, the Government and the 11 shop stewards to get around a table and to renegotiate to try and sort this out," says the former shop steward Michelle Gavin.
Gardaí say they are monitoring the situation at the store.
Michelle Gavin says members of the force were talking to them this morning.
"They just came in and told us we were trespassing. And we said, 'well fair enough' but that we just wanted to do a peaceful sit-in.
"We haven't touched anything and have no intention of doing it. We've confined ourselves to the canteen, so they said they would have to go and consult with the owner of the building and would be back later on - maybe today."
