The Bermuda Sun is to close after 50 years with the last edition being printed on Wednesday.

Staff were told of the bi-weekly newspaper’s demise during a meeting yesterday afternoon.

Twenty-three editorial and advertising jobs will be made redundant.

The closure is being blamed on financial constraints and the paper has been operating at a loss since 2008.

Devastated staff members said they were not only losing their jobs, but Bermuda was losing a trusted friend.

“It’s such a shame that such a venerable Bermudian institution is closing down,” one worker, who wished to remain anonymous, said. “Bermuda will be worse off without the Bermuda Sun.

“We worked hard to serve the community. We cared. We made a difference.”

A long-serving Bermudian employee said there had been rumours the paper had been in financial trouble for some time, but that they had received reassurances from management their jobs were safe.

“I’m shocked and let down, they misled us for years over this,” they said.

“That said, I’m proud of the work we’ve at the Sun and I hope the community remembers us. I’ll have to think of this as a new opportunity.”

The Bermuda Sun has been publishing for 50 years and is a much-loved and highly valued source of Island news. It was the first media company to establish a website and a strong social media presence, and the first to introduce “reality print” technology. Its archive of articles will still be available online for readers.

The closure is “devastating”, Editor Tony McWilliam said. “My primary concern is for the welfare of my team. I work with a talented, loyal and exceptionally conscientious group of journalists and my priority over the coming weeks will be to help them to secure new jobs,” he said.

“They all do terrific work and to be suddenly confronted with redundancy is a massive blow. We have always endeavoured to pursue truth, be fair and balanced in our coverage and provide a platform for diverse points of view.

“I thank the readers. You’ve carried us on an extraordinary journey and I sincerely hope the memories will be meaningful and lasting.”

Premier Michael Dunkley last night praised the Bermuda Sun for its contribution to the community. “I would like to express my sincere sadness at the news today that the Bermuda Sun will be closing its doors,” he said. “In the words of its motto, the Sun has been a friend to the community for more than 50 years, covering an array of issues with clarity, fairness and from varied perspectives. I particularly enjoyed reading their annual end-of-year round-up of events and their features on the many remarkable individuals living in our small community.

“The calibre of journalism at the Bermuda Sun is apparent to anyone who has ever picked up the paper — something showcased by the many awards they have won for their work over the years.

“They told the news but they told it with a human heart, by putting faces to cold statistics. Their columns were insightful, thought-provoking and encouraged public discussion on a wide variety of issues. It truly was a paper about the people and its presence will be truly missed.

“This closure certainly has nothing to do with the quality of the product each week, but rather the economics of newspapers today. “I am genuinely disappointed for the good team of journalists who week to week put together a solid package of stories and opinions. It is my sincere hope that the journalists affected by this closure decision will find work and new possibilities either here at home or elsewhere.”

The Bermuda Sun is owned by MediaHouse Limited, which also owns tourism website Bermuda.com, its print companion Bermuda.com Guide and Island Press.

“It is an especially sad day for my family. My father Donald together with Warren Brown started the Bermuda Sun in 1964 and various members of our family have worked for the paper ever since. We are very proud of what the newspaper has achieved in that time and of its position as a trusted and alternative media voice in the community. In doing so, it has made a valuable contribution to democracy in Bermuda,” Randy French, chairman and chief executive of MediaHouse, said.

“Our editorial and advertising staff have been dedicated, creative and professional throughout the increasingly financial difficulties we have faced. The board has nothing but the utmost gratitude and respect for their efforts and their passion. We have made every effort to continue publishing but regrettably we can no longer avoid the inevitable.

“Ending publication of the Bermuda Sun is truly the end of an era but its legacy is one of which everyone who worked for the paper can be extremely proud. “Over many years we met an important need in Bermuda by offering editorials and articles on the events of the day, and reporting the news fairly and with integrity. We would like to believe that in our own way we gave encouragement to Bermudians and residents to talk about the issues that impact their lives.”

Staff at The Royal Gazette were shocked and saddened by the news and sent their best wishes to their respected colleagues. Jonathan Howes, chief executive of Bermuda Press (Holdings) Limited (BPHL), parent company of The Royal Gazette, said: “The Royal Gazette takes no pleasure in the news that the Bermuda Sun is to cease publication. “In the news business we thrive on competition and over the years the Sun has certainly proved a worthy rival as well as providing a valuable alternative media voice in the community.

“The closure is another reminder of the challenges facing newspapers worldwide as the industry grapples with the impact of the recent recession, declining advertising revenue and increased competition from digital sources. As Bermuda’s only print newspaper, The Royal Gazette now has an even greater responsibility to provide the community with the balanced, accurate and inclusive news coverage that it deserves. It’s a responsibility our editors and reporters take very seriously and we’re ready for the challenge.”