Publisher Heart Media Group has collapsed with estimated debts of up to £300,000, it has been revealed.
The Worcestershire business - which underwent a major re-organisation last year - has between 50 to 60 creditors who are unlikely to get their cash back.
David Hughes, of insolvency practitioners Janes, said the company had "effectively" stopped trading and eight members of staff have been made redundant. A small number were kept on to manage outstanding affairs.
Mr Hughes said: "These are still early days and we are still looking into exactly how much is owed to creditors but it looks like something between £200,000 to £300,000.
"At this stage we summa-rise the cause of failure at Heart Media Group as being due to high level of overheads against sales targets which were not achieved."
He was looking to sell the intellectual property rights of the business.
A creditors meeting has been called under the insolvency act of 1986 for April 19.
He said the business had between 50 to 60 creditors and they were unlikely to get their money back, although that could be influenced by how much is realised by the potential sale of the rights.
Mr Hughes said liquidators would not be officially appointed until that meeting.
Roger Marshall, director of Belbroughton-based Heart Media Group, said: "I came into the business but like a lot of small businesses in publishing we found the going tough and I took the decision it was not feasible to carry on."
"We've tried to look after our customers but as everybody knows in the industry, the advertising market is a tough market."
In the autumn, Heart Media Group unveiled a shake-up - which meant its marketing arm was flying solo after a management buy-out.
Mr Marshall - a former senior executive with Midland Independent Newspapers - was named managing director of Heart Media Group.
A new marketing company called HMG Marketing Services, headed by Andrew Haddow as managing director, was formed.
The operation has since been renamed BHMG Marketing to reflect the input of Suzie Branch, who joined the marketing operation on its launch in the autumn as client services director.
At the time of the restructure last year Mr Haddow, a former advertising executive with The Birmingham Post & Mail, remained as a director of the publishing business.
However, shortly afterwards, he gave up that position, he said. But he remained an investor in Heart Media Group and said: "This has been a bit of a shock. To be honest I'm not particularly happy, it would have been nice to have been kept in the loop."
Heart Media Group's portfolio has included the Aga Magazine, the Enjoy series of magazines, Waterscape magazine for Waterscape.com, The Heart of England Magazine and a range of other publications for Heart of England Tourism.