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Financial Times Deutschland to close before Christmas

It has been reported that the Financial Times Deutschland will close in two weeks, with owners Gruner + Jahr telling staff that its last day of business would be the 7 December.

A board meeting was held on Wednesday evening, which included negotiations with the unions. But according to reports other options, such as continuing the FTD as a web-based product, were to be discussed.

The FTD was founded in 2000, but Pearson sold its 50 per cent stake to Gruner + Jahr at the beginning of 2008. It has a circulation of 100,000 but has never been profitable, with reports surfacing that it will make a loss of €15m this year for its financial titles FTD and the magazines Capital, Impulse and Boerse Online, which have more than 300 employees.