The Dublin Evening newspaper has closed after less than four months, leaving approximately 50 people without jobs.
The newspaper, which was originally called the Dublin Daily, found it difficult to establish a niche in either the morning or evening market. While it claimed at one stage to have a circulation of 22,000, getting advertising proved difficult in the current climate and its circulation figures were never audited by the Audit Bureau of Circulations (ABC).
The paper suffered several setbacks in its short existence. Its sales and marketing manager, Mr Frank Hannigan, departed, as did a number of journalists in recent weeks.
The paper spent up to €100,000 on a deal with Dublin GAA players, but last Saturday the team was knocked out of the All Ireland championships.
However the paper's biggest setback was probably its decision to launch initially as a morning paper. It later admitted this was the wrong strategy and it had failed to compete with existing titles. It later became an evening paper but by this stage the advertising community had started to question the paper's position in the market.
However, visually, the paper won wide praise and several stories it produced were picked up by national titles.
The paper, which was backed by some leading business people, desperately attempted to raise cash in the last few weeks via its shareholders, but agreement could not be reached. It is understood between €400,00 and €500,000 was committed by some shareholders, but larger shareholders declined to contribute. The largest shareholder in the paper was the British regional newspaper group Archant, which owned over 20 per cent of the equity. Company representatives who deal with its Irish interests were attending board meetings yesterday when asked for a comment.
The Irish Secretary of the National Union of Journalists (NUJ), Mr Seamus Dooley, said it was "another sad day for Irish journalism".
He said the paper was a brave attempt to break the "stranglehold" in the evening newspaper market, and while commercially there were obviously challenges, the paper's production values were particularly strong. He said the NUJ would meet journalists in the paper in the coming days.
Several leading business people were involved in the project as shareholders: financier Mr Paschal Taggart; IAWS director Mr Philip Lynch and Mr Brian McCarthy, of Fexco. The regional newspaper, the Connacht Tribune, also had a shareholding.
Sorcha Crowley writes: Shocked staff were trying to come to terms with the paper's sudden closure yesterday. They slipped out a back door of the newspaper office building and gathered at a local public house where the pints and the tears began to flow.
The day had begun as normal until someone from the accounts department began handing out cheques to bewildered staff at 3 p.m.
"I was just on the phone when I saw a guy from accounts handing out cheques to everyone in the office. Someone burst into tears" said Ms Anna Sofia Martin.
Employees were given cheques paying them up until last Thursday. They don't know if they'll be paid for this week's work. "It's all up to the creditors now" said Ms Martin.
A staff meeting was held at 5 p.m. when editor Mr Liam Hayes, accompanied by CEO Mr Colm Grealy and Mr Denis Lally, formally announced the paper's closure to staff. "It was like someone had died " said news reporter Ms Erin McCafferty.