Businesswoman Khanyi Dhlomo on Friday confirmed the closure of her company Ndalo Media, saying her immediate focus is on her employees and stakeholders who have contributed to her business.
"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," she said in a short statement.
She had made the tough decision to close down "after much reflection".
"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."
Sowetan Live on Thursday reported that Dhlomo had this week informed her employees the company – which owns among others Elle, Destiny and Destiny Man - would close its doors at the end of January after facing financial difficulty.
Staff had also not been paid for November.
Sunday World in November reported the company faced liquidation as it owed CTP Printers over R13m.