Bauer Media NZ is closing its doors permanently, staff have been told.
The New Zealand wing of the company publishes a range of New Zealand magazines including the NZ Woman's Day, New Zealand Woman's Weekly, The Australian Women's Weekly, the Listener, North & South, Next, Metro, Kia Ora, Home NZ and Your Home & Garden.
Listener columnist and media commentator Bill Ralston was shocked by the news.
He told Newstalk ZB's Chris Lynch it stems from the Government's decision not to count magazines as essential services during the lockdown.
"It's a bloody tragedy really. It's magazines, your Home and Garden, Australian Women's Weekly.
"I've argued against the idea of shutting down the magazines [during the lockdown]. The magazines were being run basically by home.
"The printers were already printing the daily newspapers. so they were already there. You weren't putting them at risk.
Ralston said German-owned Bauer has decided to take a "bunker mentality".
"They've decided to take their money, whatever they had left, and they weren't prepared to run on any extra cost.
"You can't sell advertising, you can't sell magazines, so they've decided pretty obviously that they don't want to sustain the loss."