The troubled financial site TheStreet.com has announced it is closing its UK operation, ending its joint newsroom agreement with the New York Times and laying off 20 percent of its staff.
The company suggested the strong steps were necessary to preserve the rest of the company.
The New York-based public company slashed 40 positions from its workforce in a cutback that affected all locations and departments.
The company said it is shutting down its sister operation in the UK because it will run out of funds at the end of the year, and neither TheStreet.com nor investors in the UK site were willing to give it more money.
The beleaguered company said it would end its agreement with New York Times Digital by the end of the month.
The collapse of the UK version of TheStreet.com is just the latest in a growning list of dotcom failures. The past few weeks has seen a growing list erstwhile new media darlings going to the wall, including Garden.com, Mothernature.com and Pets.com.