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February 23, 2011

Ireland’s Sunday Tribune newspaper to close

By admin

Ireland’s Sunday Tribune newspaper has been forced to close after receivers failed to find a buyer for the ailing title.

Each of the 43 staff was this week given a letter from receiver McStay Luby detailing how they would be made redundant from Monday.

The paper has not been published since 1 February when the Tribune was forced to call in the receivers after Independent News & Media, a minority shareholder, decided to end its funding of the title.

According to the Irish Times, the paper had accumulated loss of €62.7m in 2009. The shareholders’ deficit, most notably to INM, was €59m.

It’s understood that a buyer may still be sought, but they were only likely to take the name of the paper.

Members of staff are expected to receive statutory redundancy of two weeks for each year of service, the Irish Times said, and will have to wait six to eight months to receive their money.

The Irish Mail on Sunday caused fury earlier this month by publishing a spoof wrap-around edition made to look like to the Sunday Tribune, while that paper was out of print, in a bid to scoop up extra readers.

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