South African mogul Khanyi Dhlomo has, in a statement on Friday, confirmed reports that her Ndalo Media is shutting down.
Ndalo Media is responsible for the publishing magazines: Destiny, Destiny Man and Elle South Africa.
According to Sowetan Live, Dhlomo told staff that the company is financially embattled and will cease operation by January.
The statement read:
After much reflection, I have taken the tough decision to close down Ndalo Media. At this point, my focus is on Ndalo Media’s employees and stakeholders who have all made a significant contribution to the business over the years.
Thereafter, my focus will shift to the next chapter which I’ll share at the appropriate time. I’m thankful for the opportunity we’ve had to touch millions of lives through our work and to all who have supported our brands in various ways.