Air America Radio, the long-suffering progressive talk radio network that was launched in 2004 as a liberal alternative to Rush Limbaugh and other conservative commentators, on Thursday shut down abruptly. The reason revealed for its shut down is its inability to withstand the tough financial environment.

The chairman of Air America Media, Charlie Kireker, revealed in a statement that the company would register under Chapter 7 bankruptcy "to carry out an orderly winding-down of the business".

However, the shutdown was not discerned as a surprise.

There was a time when the radio network endured its heydays, boasting hosts such as Al Franken and Rachel Maddow, but struggled from the outset, including multiple management disturbances, a bankruptcy in 2006 and sale for $4.25 million the following year.

"The fact of the matter was, it was always a very challenging business proposition, and it never had the right management", said Sam Seder, who hosted programs on Air America until last year.

Mr. Kireker revealed that its advertising revenue in the radio industry was witnessing a steep fall over several years "Signs of improvement have consisted of hoping things will be less bad", he said, adding that "our company cannot escape the laws of economics".