Cape Cod, Mass., publisher Lighthouse Media Solutions Inc. sent a letter to marine industry professionals saying it had permanently shut its doors.
“We regret to inform you that economic conditions have necessitated the permanent closure of Lighthouse Media Solutions,” stated the letter dated Dec. 31 that was obtained by Trade Only Today.
“At present, LMS does not have funds to provide payment to creditors,” said the letter signed by Rusty Piersons on behalf of the board of directors.
It goes on to say that Lighthouse will make “all reasonable efforts” to collect recievables and make “some manner of payment” to creditors.
The company published 15 luxury lifestyle magazines including Cape Cod Magazine, New England Boating and New England Fishing, according to the website. The company also provided marketing and promotional assets for several national marine companies.
The Cape Cod Times cited an email sent to staff on Dec. 21 informed them they were out of a job, and said that “economic conditions” were to blame for the company shutting down.
“The employment of each and every employee of LMS will terminate at the end of business today,” he wrote, according to the newspaper. “Information regarding such things as medical insurance coverage, 401(k) rollover and your ability to file for unemployment benefits will be provided to you in the coming days.”
Several employees had been laid off in October, the newspaper reported.