The Aberdeen Independent decided to shut down after 12 years, HoldtheFrontPage.co.uk reported Monday.

The management at the Scottish weekly still hopes to find a buyer, although several tries in the past month were unsuccessful.

According to Keith Barwell, Northampton-based businessman and owner of the paper, revealed to the staff one month ago that the newspaper was up for sale.

However, managing director Eric Farguharson said that a new buyer would not inherit the debt, and thus restart the paper with a clean financial slate, HoldtheFrontPage.co.uk reported.

"Our credit is OK and we're not going into liquidation,” Farguharson added. “We have debt but not a great deal and have secured our advertising revenue for April and May."

"We will see what the future holds. There is still some possibility that the paper could rise from the ashes.”

The publication employs 30 staff, which includes two reporters, one sub-editor and an editor.

Those employees has been paid for all their work leading towards the final edition.

“The buyer is more likely to come from a local business and we have some interested parties but you cannot turn it round in just a couple of weeks,” Farguharson said.