Gay biweekly the New York Blade has shuttered its print operation, the New York Times reported.

The Blade is one of two major gay and lesbian newspapers in the city, the other is Gay City News.

“Everyone was let go, but the people on the Blade know that they may come back if the Blade is coming back,” Matthew Bank, an executive with HX Media, told the paper.

In 2005, the Blade and HX Magazine merged to form HX Media. Bank built HX Magazine from a photocopied and stapled handout available for free on street corners to a million-dollar business.

Both publications, and their tangled web of ownerships, now face an uncertain future.

On Thursday, David Unger, CEO of Window Media and Unite Media, announced his resignation as well. Window also has a minority stake in the Blade.

Unger, who helmed the gay media company for eight years, told gay weekly Southern Voice he was leaving to pursue “an excellent opportunity.”

Another Window Media property, Genre, ceased publication earlier in the year.

Bank said the publications had suffered as a result of the economic climate. “The economy and the future of print media being more difficult was definitely weighing on us,” he said about his decision to sell HX Magazine.

The Blade, published biweekly, had a circulation of 22,000 readers. While its final issues included name-brand advertising – Pepsi, Home Depot and Johnson & Johnson's K-Y – the paper had slimmed down considerably. Its May issues included only 20 pages and its final Gay Pride issue weighed in at a svelte 28 pages.

Last week, the UK's only national LGBT newspaper, Pink Paper, closed its print operation, but executives said they might return when the economy rebounds.