Magilland In Dublinhave closed after the company which publishes both magazines announced it had ceased trading from this afternoon.
In a statement, Ink Publishing Ltd said it had ceased trading at 4 p.m. Its associated publishing companies have also shut down.
"It is the intention of the company to arrange a creditors meeting at the earliest possible date though no later than the end of October 2003," the statement added.
Staff at the publications were informed of the decision shortly before the news was made public this afternoon.
Managing Director Mr Michael Hogan said the Board of Directors "reluctantly made the decision following poor trading conditions and falling advertising sales."
Speaking to ireland.comMr Hogan said he was disappointed but said he did not wish to comment further ahead of the creditor's meeting.
Ink Publishing and its associated publishing companies published Magill, In Dublin, Irish Wedding & New Homeand High Ballmagazines.
The Irish magazine sector has been under serious financial pressure for over a year with several publishers posting large losses.
The lack of advertising revenue is the main cause and some observers believe there are too many titles in the market.
The downturn in the advertising industry was cited as the main reason for the closure of the another of Mr Hogan's titles women's magazine, Who, in April