This decision was reached at a meeting held between the owner of the newspaper MP Thilanga Sumathipala and a few of the employees who were running the newspaper.
Sumathipala had said that he was unable to continue publishing the newspaper, but had assured that he would not let the employees be at a disadvantage.
However, the Lakbima Editorial Board Member and the person who ran the Sunday Lakbima over the recent past, Mihiri Fonseka had told Sumathipala that if the staff could be reduced to around 30 and given over to him, he could run the paper.
However, his request had not received a favourable response from Sumathipala.
The newspaper had recently only printed around 15,000 copies.