Two days after closing its trade publication RCR Wireless, Crain Communications announced it will shut down FinancialWeek.com as well as fold European magazines Business Insurance Europe and Automotive News report, paidContent.org reported Thursday.

Crain Chairman Keith Crain stated in a memo published by Talking Biz News that the ailing economy has "dried up business for these titles and forced these actions," as there is not enough advertising to make Financial Week "viable," even online-only.

The closures will result in an undisclosed number of job cuts, following more than 50 layoffs by the company in December.