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Irish Times facing severe financial difficulties

The Irish Times is understood to be facing severe financial difficulties with its new £60 million City West printing plant due to come on stream at the end of the year.

The paper has seen a big drop in recruitment advertising estimated at £100,000 a week, and is anticipating a potential drop in property advertising given the current economic environment.

Management is believed to be talking to all staff about the deterioration in the trading environoment and decisions to deal with the situation are expected very quickly.

Everything is understood to be under review, with cash reserves invested in the new plant.