Metal Hammer magazine has been around since 1983, but their time may sadly be coming to an end. The UK’s Daily Record reports that Metal Hammer’s parent company, Team Rock, has entered administration, which Wikipedia states is the UK’s equivalent of either bankruptcy or liquidation. As of right now, seventy-three employees have been let go from Team Rock Ltd., leaving only seven to assist administrators.
Here’s what the administrators told the Daily Record: “Cost-cutting measures were implemented and despite the best efforts of the directors to seek additional investment or a purchaser for the business, no deal could be completed, leaving the company with no viable option other than to enter administration and to immediately cease trading. A handful of staff have been retained to assist the administrators, with all other employees made redundant. Given the financial situation of the company, unfortunately 73 staff have been made redundant with immediate effect (46 in London; 27 in High Blantyre). Seven staff will be retained in the short term, three in London and four in High Blantyre, to assist the administrators with magazine publishing, website maintenance and other matters. Our priority is to work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time.”
Metal Hammer sent out this Tweet earlier:
As soon as we hear any more news, y'all be the first to know. Watch this space and thanks to everyone who has supported us in the meantime ? https://t.co/K7TEdxVws8
— Metal Hammer (@MetalHammer) December 19, 2016
Metal Hammer has been bringing us incredible coverage of heavy music for over thirty years now, but unfortunately, it looks like their time may be up. Hopefully there is a loophole, or some magical way that it can still be on shelves in the future, but right now it doesn’t look good. Stay tuned for an official statement from the magazine tomorrow, but send your best wishes to all those who lost their jobs today. This absolutely sucks.
Story via Daily Record