British company Team Rock Ltd, publisher of the Classic Rock, Prog and Metal Hammer magazines, as well as TeamRock.com and associated internet radio station, has gone into administration (called bankruptcy/liquidation in other parts of the world). They have acquired the magazines from Future Publishing in 2013, but apparently never managed to make them profitable. 73 employees have lost their jobs with just 7 remaining to assist in liquidating the business. Team Rock generated sales of £6.5 million in 2015, down from £7.5 million in 2014 and administrative expenses ballooned to £12.4 million, up from £9.3 million in 2014.
The brands that it owned, including Classic Rock, are expected be sold to the highest bidder.
The announcement posted on the still running (so far) Team Rock website reads:
The administrators are assessing the position regarding publication of magazines. If you are a subscriber to the Company’s publications the administrators can be contacted via email at email@example.com.