“The profound changes in the newspaper publishing business, a weak economy and our investment in new products created severe financial challenges. Over the recent months, I have worked with outside professionals to achieve a financial restructuring that would allow us to continue. These efforts failed as of 3 p.m. today, March 9, 2012. We can no longer sustain our operations,” owner Richard Anderson said in a statement posted on the company’s website.

The company employed 56 people at the time of the announcement.

“The company will cease operation beyond that which is necessary to complete the closure process,” Anderson said.

Employees were notified by email late Friday, according to two employees. There will be no severance, according to the employees.