Sunday Tribune to lay off entire workforce

wixfjord · 22-02-2011 3:31pm #1

From The Journal.ie
http://businessetc.thejournal.ie/sunday-tribune-staff-to-be-made-redundant-2011-2/

THE SUNDAY TRIBUNE is to lay off its entire workforce, after its receiver was unable to secure new investment to save the troubled Sunday newspaper.

Redundancy notices were this afternoon given to the newspaper’s editorial team, confirming that the newspaper would not be returning to production following a four-week hiatus for the month of February.

Receiver Jim Luby wrote to staff outlining that while a “small number of inquiries” had been received, “no definite offers” to invest in the paper – and that as a result, the paper’s entire workforce was to be made redundant from next Monday.

The process of seeking a buyer would continue, however, and if investment could be found to resume publications, its current staff would be notified about the prospect of returning to work for the revived paper.

The Sunday Tribune had gone into receivership on February 1, and had announced that it was to cease publications for the month of February while receiver Jim Luby sought fresh investment.

That move had followed the withdrawal of commercial support from the paper by Independent News & Media, which held a 29.9 per cent stake in the paper. IN&M had, however, agreed to honour the salaries of the newspaper’s staff for the month.

The paper’s circulation had fallen in the last number of years; the most recently available audited circulation figures showed average sales of 54,400 for the first six months of 2010, a 17 per cent fall on the figures from two years previously.

Tribune columnist Dave Kenny had previously written for TheJournal.ie on how the paper’s staff were facing the prospect of redundancy, with many of them having already been let go from earlier ill-fated publications.

Sad to see it go. Did house numerous pretentious idiots (one in particular I can think of), but it's one less Sunday paper to buy instead of the Indo.