Boston NOW to shut down immediatelyThis healthy, growing 119,000-circulation daily is suddenly compelled to halt operations due to rapidly deteriorating economic conditions in Iceland where interest rates reached 15.5% Thursday, the krona, their currency, has declined over 20% against the dollar since January, and inflation is now at 8.7%.“The death of any newspaper is a sad thing,” stated CEO Russel Pergament, “but the death of a vibrant, flourishing newspaper because of economic turmoil thousands of miles away is beyond sad and is something we never anticipated and for which we were totally unprepared.”“ Our overseas investors are honorable people who have endeavored to fulfill all obligations to this newspaper,” he continued, “but the tumult in foreign credit markets has forced a change in our original understanding and their focus now appears to be primarily upon their core retail holdings. North American media is not even a distant second.”“This newspaper, not even a year old, is right on track for profits in Year Three, just as the business plan called for,” says Publisher Mike Schroeder, “so this decision by our overseas investors, while perhaps understandable, is deeply troubling.”BostonNOW’s editorial content, especially its strong local reporting, has been picked up dozens of times by Boston’s paid dailies and TV outlets. The Economist magazine lauded BostonNOW in January as one of the finest free dailies in the United States.Since launching April 17th last year, BostonNOW has grown from 59,000 daily circulation to a CAC audited daily circulation of 119,000. America’s top retailers have found a good partner in BostonNOW and become loyal advertisers. Bloomingdale’s, Macy’s, TJX, H&M, Lord & Taylor, along with national telco and airline advertisers have been pleased by BostonNOW’s ability to connect with a dynamic young readership.Management’s primary concern right now is to help its suddenly displaced employees, who from scratch have created one of the most respected new dailies in the USA, find good newspaper and media work as soon as possible. A series of interviews, both on premises and off, are being set up with local media companies.