Once Popular Wall Street Rag To Close

Doubledown Media, the five-year old publisher of finance-oriented glossy magazines highlighting top traders, movers, shakers and pricey products apparently is closing its doors. Some of the brands under the Doubledown Media brand included Trader Monthly, Private Air, Corporate Leader and Dealmaker.

It has been rumored for some months that the company put itself up for sale, but with no takers, CEO Randall Lane was forced to shut the doors.

Below is an excerpt that Randall Lane sent to Doubledown Media employees today.

"Regretfully, we have some very bad news to share. The bank that's been supplying our credit line for the past year, an affiliate of HSBC, has ceased to provide working capital for Doubledown Media. Thus, this forces us to suspend operations effective immediately.

These are unprecedented times,” president Randall Lane wrote in an e-mail to staffers late Monday night. “The combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company—probably any company in our shoes—to overcome.

We are owed a substantial seven-figure sum by various advertisers and business partners, but as with everyone else in media, payments to us have slowed precipitously, which is turn has crippled our ability to pay our bills on time. This slowdown also led to the bank's decision not to continue to fund the working capital."