In a statement issued today, Crain Communications Inc said it had insufficient support from "key" advertisers.
The last issue was published on Monday 21 June. It closed with a circulation of 11,500. Crain's was launched in Manchester in 2007 and was announced as the first local weekly business publication of its kind in the UK.
Other titles by Crain - which was established with two publications in Kentucky in 1916 - include Advertising Age, AutoWeek, TelevisionWeek and business titles in Chicago, Cleveland, Detroit and New York. Crain Communications Inc describes itself as one of the largest privately-owned business publishers in the US.
"While we have been pleased with the support received from Crain's Manchester Business readers from the beginning of the project, ultimately the limited support from key advertising sectors has made the project unsustainable," said Chris Crain, senior vice president, Crain Communications Inc. and editor-in-chief, Crain's Manchester Business.
"When we launched in August 2007, we introduced a new concept to the UK, based on a successful US weekly business publication model," added Crain.
"Editor Stephen Brauner created a highly useful product that was met with great excitement from the Greater Manchester business community because it captured the must know news and information for the coming business week.
"In a recessionary environment that withered marketing budgets around the globe, Associate Publisher Kathryn Toledano and her sales team managed to book 130 different advertisers into the publication. Kathryn's creativity, intelligence and sheer determination provided a stabilising effect to the business even in its rockiest times," said Crain.
The number of jobs affected was not reported in the announcement. Journalism.co.uk will update as and when we receive further information.
Hat-tip: Louise Bolotin on Twitter
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