Monday 11 December 2017

'Tribune' staff officially laid off after failure to find buyer

Peter Flanagan

STAFF at the 'Sunday Tribune' have been formally laid off after the newspaper's receiver was unable to secure a buyer for the title by the deadline of the end of the month.

The 'Tribune' went into receivership at the start of February after Independent News & Media said it could no longer subsidise the paper, prompting the board of Tribune Newspapers to request that INM appoint a receiver for the company.

Yesterday, receiver Jim Luby said that while he had received enquiries about the newspaper, there had been no definite expressions of interest. As a result, he had taken the decision to lay off the 43 staff before the deadline of February 28.

In a statement, INM said it was disappointed that an investor had yet to come forward to safeguard the future of the newspaper.

"INM undertook to pay for the cost of the receiver as he advertised the business for sale and sought fresh investment," said a spokesman. "INM also paid the salaries of staff and contributors for February.

"This is a very difficult day for the staff of the 'Tribune' who have worked hard to produce a quality and critically acclaimed title in an incredibly crowded market.

"The appointment of a receiver allowed INM to pay the staff and contributors their salaries for the month of February. Jim Luby has told staff that he is continuing his search for an investor and we are hopeful that he will find one."

Speaking to the Irish Independent, Mr Luby confirmed this, saying staff details had been retained in the event of an investor coming forward.

Irish Independent

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