Following a week during which the paper, that sells 2.6 million copies every week, lurched from one crisis to another, management have decided to close the paper.
News International made the decision following months of mounting allegations about the conduct of its journalists over a period dating back almost 10 years.
The paper was accused of hacking in to the voicemails of thousands of people, from child murder victims to the families of Britain's war dead and those caught up in the London bombings in 2005.
"I am absolutely devastated," one of the paper's sub-editors said. "A lot of people are paying the price for the mistakes of their predecessors, none of whom are working for the paper any more. It's awful.
"A lot of journalists have lost their jobs this evening and for what?"
There are approximately 100 commercial staff at the News of the World. It is not known yet what will happen to the staff.
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