The downturn in the advertising industry was cited as the main reason for the closure of the Irish women's magazine, Who, last night.

The magazine, which attempted to compete with British celebrity titles like Now, was published by Mr Mike Hogan's Hoson Publishing Group. The company will cease publication with immediate effect, resulting in eight redundancies.

A statement said the other key factor leading to closure was the "fierce competition in the celebrity magazine sector" with Irish titles finding it hard to compete against cheaper British imports.

Who was first published in June 2001. Published fortnightly, the magazine combined Irish fashion coverage, international celebrity news and lifestyle features. However, it did not have its circulation audited by the Audit Bureau of Circulations (ABC), which is demanded by most advertisers.

Commenting on the closure, Mr Hogan, publisher, said: "It is with great regret that I made this decision as I have great admiration and appreciation for the endeavours of the editorial team. However, it is currently not viable to produce the quality of magazine which we have done as it necessitates a minimum price point of €2.50 and this is competing against similar type publications that retail at €1."

The other magazines within the Hoson publishing portfolio include In Dublin, Magill, Highball, Irish Wedding and New Home. Mr Hogan said the other titles would not be affected by the decision to close Who.

The Irish magazine sector is currently under serious financial pressure, with several publishers posting large losses. The lack of advertising revenue is the main cause and some observers believe there are too many titles in the market. The admission last year that certain titles owned by the Smurfit Group had overstated their circulations also damaged the sector.