Publication of the Sunday Tribune has been suspended for the four-week period of receivership announced yesterday, following a decision by Independent News & Media (INM) to withdraw its financial backing. The company is up for sale as a going concern and ads have been placed in various press titles.
Receiver McStay Luby told employees the decision to suspend publication related to issues connected with securing libel insurance during the receivership. The paper’s website said February salaries are being paid to ensure staff are retained. INM, which owns 29.9 per cent of Tribune Newspapers, is owed about €40 million.
The Tribune is losing around €2.7m a year. Editor Noirin Hegarty said it was unfortunate the paper would not be published in the run-up to the general election, polling day being February 25th. “Nothing prepares you for it. It is a horrible shock,” Hegarty told The Irish Times. The newspaper was first published in 1980.