A receiver has been appointed to the weekly Sunday Tribune newspaper.
The staff were told about this development at a meeting on Tuesday afternoon.
Independent News and Media, which owns 29.9 percent of the Tribune Newspaper, said that further funding of the newspaper was no longer viable but that it had committed enough money to pay the newspapers 43 staff until the end of the month. They will also finance the receivership process.
A statement released by Independent News and Media read “INM remains hopeful that new investors may emerge to safeguard the future of this quality Sunday title."
However spirits at the newspaper appear to remain high. Chief sportswriter Malachy Clerkin tweeted “Sunday Tribune has gone into receivership. We're not closed yet so no need for premature obituaries. Hope lives."
The Sunday Tribune has long been loss-making in a crowded market with over 17 Sunday publications available in the Republic of Ireland.
The receiver will assess the prospects for the paper as a going concern. They will also be able to seek out new investors in the company.
Interested in a job in finance? Search for roles in Ireland now