Both sides were "too far apart"
Negotiations with a potential new investor, to breathe new life into The Independent, have broken off.
The paper is down for the count.
According to my source, both sides were "too far apart" to make an agreement possible.
The paper has closed. Staff have been asked to come in and clean out their desks, and freelancers have been told to get outstanding invoices in as quickly as possible.
That's all I have for now, but will follow the story and try to get more for you later.
It is a sad day. I was hoping for better news than this.
UPDATE: There is a brief announcement at the paper's web site, confirming this news:
Negotiations with potential investors/owners to take over The Independent newspaper have not been successful. The management and staff would like to thank readers and advertisers for their support. A special thank you to the press for the exceptional job they did every week, as well as the columnists, papers carriers and regular contributors.
The Independent team