Ebony and Jet magazines are cutting the editorial employees that remain at the publications, the New York Post reported. The company did not make payroll in May, the Post says.
Seven employees have lost jobs, the paper reported.
Austin, Texas-based Clear View Group, a private equity firm, bought the publications from Johnson Publishing in 2016. Both Ebony and Jet had previously abandoned their print editions and were solely digital.
Meanwhile, photos from the Ebony magazine archives are set to be auctioned off in July, the Chicago Tribune reports.
Included in the archives are well-known pictures of Emmett Till, Malcolm X and others.