Community newspaper the Lake Norman Times has become the most recent victim of the advertising downturn, the Charlotte Observer reported. The weekly paper is published in four counties on the rim of Lake Norman in North Carolina, and will publish its last edition on April 15 and close its Web site, thelakepaper.com.

The Times' owner, Womack Publishing Co. will continue publishing 14 community newspapers in the North Carolina and Virginia regions, said company chief operating officer Diane White.

The Times was launched in 1993 on the back of retail community growth in Lake Norman. The newspaper flourished in the region, but with the economic crisis and increased competition from the free Weekly Herald, the circulation of the paper fell below 4,000, according to the Observer.

The company will distribute refunds to the newspapers subscribers.

The closure is not the only industry casualty of the region. The Independent Tribune will publish only three times a week starting April 22.