No appetite for Punch, so magazine folds up

‘‘Punch is a British institution. I have done everything in my power to keep it alive by pumping in massive amounts of cash,’’ he said in a statement on Wednesday. ‘‘But as a businessman sometimes the head has to triumph over the heart and…with deep regret…I have decided to close.’’

The last edition went on sale on Monday, although a ‘‘virtual’’ Punch will continue on the Internet. Eight of the 12 full-time staff on the magazine are to be made redundant with the remaining four staying to update the website (www.Punch.Co.Uk).

Chester Stern, representing Al Fayed, said there was no longer a market for Punch. ‘‘The market for the sort of sophisticated political satire, which was the trademark of Punch over the years, has diminished,’’ he said.

‘‘There isn’t an appetite for subtle tongue-in-cheek debunking of politics. It’s now in-your-face sort of stuff, and Private Eye does that job very well. We’re not able to find a niche.’’ Rival Private Eye boasted a circulation of just under 190,000 in late 2001. It folded in 1992 only to be resurrected by Al Fayed four years later with a glittering launch party at Harrods. (Reuters)