It is a sad day for Malaysia’s newspaper industry as long-time Malay daily, Utusan Malaysia is closing down.

The 80-year-old company had taken various measures to revive itself, including offering Voluntary Separation Schemes to more than 700 employees.

Utusan Malaysia, the oldest Malay newspaper, also resorted to selling the group and company’s assets to improve their financial position but could not turn around their fortunes.