Multimedia Nova Corporation, a diversity-focused publisher and printer, has gone into receivership and all staff have been laid off.

Its subsidiaries include NewsWeb Printing & Distribution, and Multicom Media, a marketing and communication company. The outfit published over 25 titles including in-house papers Correo Canadiense, the Town Crier, Nove Ilhas, Tandem and Vaughan Today. It also managed circulation/distribution for several third-party magazine clients, including Get Out There, India Abroad, and What's In Store.

In a note to readers on the Town Crier's website, managing editor Gordon Cameron wrote that the receivership resulted from hard-up financial conditions, including the cutting of Italian government funding for the Canadian, Italian-language Corriere Canadese newspaper. The paper was founded in 1954 and its success led to the formation of Multimedia Nova.

Cameron's letter appears to have moved or been taken down since, but several outlets including the Toronto Star and J-Source.ca have reported on its contents.

According to a statement released by the corporation, Multimedia Board of Directors members Patrick Gossage, Doreen Iannuzzi and Lori Abittan have officially resigned, along with Randy Harrett, who stepped down as an officer of the company and its subsidiaries.