Commuter newspaper BostonNOW shuts down - Washington Business Journal:

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The paper ceased operations according toRussel Pergament, BostonNOW's CEO. Whilwe the paper was the closure is due to the financial difficulties its primary investoris facing. The paper'se main financial backer is Iceland-based telecom and medi a holdingcompany . Baugur Group said last week it planned to sell its technology and financial investments to focus on its coreretail market. "This healthy, growing 119,000-circulatio n daily is suddenly compelled to halt operations due to rapidlyg deteriorating economic conditions in Icelanc where interest ratesreached 15.
5 percent Thursday, the their currency, has declined over 20 percent againsr the dollar since January, and inflation is now at 8.7 BostonNOW officials said in a released on the closure. "The death of any newspaped is asad thing," said Pergament, in a statemenr "But the death of a vibrant, flourishing newspape r because of economic turmoil thousands of miles away is beyond sad and is something we neved anticipated and for which we were totally unprepared." Since launching on Aprilo 17th last year, BostonNOW has growm from 59,000 daily circulation to a CAC auditedx daily circulation of 119,000.
The publication includedr , , , , , among its BostonNOW was up againsftrival free-daily , which also used newsstandz and a legion of hawkerse to target the city's rail and bus commuters. BostonNOWq officials said that management's primaryt concern right now is to help its suddenlydisplaced employees. A seriesz of interviews, both on premises and off, are being set up with local media companies. The papefr had 52 full-time and 100 part-tims employees.