You would think with the mainstream print media industry collapsing that news that The New England Blade, an alternative gay paper in Boston owned by HX Media, closed its doors this week would be another sad story of of a publication caught up in the financial crisis tsunami. But it turns out that it's not the market that killed the New England Blade, it's HX CEO Matthew Bank.

In 2006 the paper, then called IN Newsweekly was sold to HX Media, best known for it's New York based bar rag and tendency to fire people en masse. IN's then editor, Fred Kuhr, soon found himself in charge of a paper which often failed to pay its contributors and was pressured to focus on "lighter, fluffier" stories.

Joe Siegel, a former writer for the paper, has the whole gory story, complete with tales of how HX hiring a convicted felon to act as publisher and how reporters and staff never received their paychecks:

"At the end of the year, Kuhr and two other writers requested a meeting with HX’s CEO, Matthew Bank, to discuss their concerns regarding the paper’s deteriorating quality.

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Uh-oh! HX Media's in an awfully bad way. The New York-based company tried expanding their reach last year when they took over Boston's In Newsweekly, now called the New England Blade. The move was definitely a gamble - and doesn't seem to be paying off.

Rumor has it that the paper has received an eviction notice for not paying their rent, the staff has been asked not to cash their paychecks and distributors haven't been paid in two months. HX founder Matthew Bank reportedly flew up there recently to reassure staffers that their jobs are safe. We wonder if those people remember April's staff shake-up.

HX Media doesn't have the best track record in pioneering into new territories - HX Philadelphia folded earlier this year.

There's some hiring, firing drama over at New York fag rag HX. And this time there's a tinge of nepotism.

A staffer informs us that mag founder Matthew Bank today sacked designer John Agnesini, the man who's suing Subway for that whole knife-in-sandwich scandal.

While it's not unusual for HX to off staffers, the Agnesini firing smells fishier than the rest. You see, rather than hiring a run of the mill designer, Bank instead chose his boyfriend, Peter Hemmel, who recently lost his design director gig over at Glamour.

Himmel, however, will allegedly only occupy the slot for a month.

Disclosure: our editor once worked for HX. And, no, he wasn't fired.

The drama continues as HX Media's Boston newspaper, In Newsweekly: rumor has it Matthew Bank, David Unger and company offed associated publisher Bill Berggren.

More gory details here of the staffer massacre here.

New York-based HX Media's Boston adventure hit some speed bumbs this week.

Editorial staffers at In Newsweekly, which HX acquired last year, are none-to-happy with the way things are going down. Contributor Joe Siegel offered his resignation this weekend, just a week after he and three other regulars - including our favorite black preacher woman, Irene Monroe - sent HX founder Matt Bank a blistering letter. They've all since stepped down.

Read said letter, after the jump…

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HX magazine may have some big financial trouble on their hands. A reader-supplied rumor suggests the weekly New York fag rag's having some trouble paying their bills:

HX has left a major creditor high and dry. Publisher Matthew Bank and his partner David Unger of Avalon Equity Group (which recently sold NY Press) stiffed it's printer on Varick Street to the tune of more than $480,000.

HX, which also publishes NY Blade, also abandoned another debt for nearly one million dollars to a printer in Long Island. The printer filed bankruptcy and HX was forced to settle their payment to them, but on for pennies on the dollar.

Staffers at HX Media (HX, NY Blade and Gay Life Expo) were also told they will have to wait for their paychecks.

Perhaps all the pub's dough's been sunk into that $1.25 million go-go lawsuit.

Things have been mighty quiet over at HX, one of New York's two free weekly fag rags. As we told you earlier this year, the magazine's doesn't have a very good track record when it comes to keeping staffers.

Founder Matthew Bank and publisher Gary Lacinski sacked scores of employees earlier this year, but have been working to maintain their numbers. It seems, however, that staffers simply can't hang. From a reader:

The past two weeks, HX magazine has had quite a number of resignations - the creative director, listings editor, classified account executive and Matthew Bank's personal assistant position. The reason for the resignations have been varied, but it might have something to do with the graveyard hours (5-6am) and the strenuous work overload that Bank has been foisting on the minimal staff after last year's round of layoffs. (You can point interested readers to apply at Craigslist. They're accepting HX applications over there.)

Last week was so bad that Bank recommended turning off the air conditioner just so he could save money.

Accepting applications over Craigslist, huh? That's certainly a step up from their old method: writing help wanted signs above glory holes.