Hamilton Magazine, the Town Media property owned by parent company Postmedia has ceased publication effective immediately.

Phyllise Gelfand, VP of communications for Postmedia tells MiC the publication was just no longer profitable. “It’s a difficult decision,” she says. “You don’t want to stop publishing a magazine, but it was a business decision and we had to make it.”

Founded in 1978, Hamilton Magazine went through multiple ownership changes before it was purchased in a $316 million deal in 2015 that saw Sun Media’s English-language properties transferred to the hands of Postmedia.

The closure of the quarterly magazine, which published its last issue earlier this summer, left two editorial staff with pink slips and one who has transitioned to a new position within the company, says Gelfand.

Along with Hamilton Magazine, Town Media properties BViz, Visit Hamilton and VINES, will also cease publication, however the division will still exist in order to produce consumer shows such as the Gourmet Food & Wine Expo, Greater Hamilton Home & Garden Show and the Niagara Food & Wine Expo.

“It’s still tough,” Gelfand adds. “Nobody likes when this happens. We gave it careful consideration.”

Earlier this month, Postmedia refinanced its debt, “buying time,” according to president and CEO Andrew MacLeod. With its print business in steady decline, the media giant has an outstanding debt of $94.8 million. The refinancing agreement extends its repayment period by another two years.