Northern and Shell boss Richard Desmond is reported to have jetted to New York last week after newsstand sales of the American edition of OK magazine fell below 500,000.
According to the New York Post, the title – which launched three years ago – cost the publisher close to $35m (£24m) last year.
When it launched, Desmond said he was prepared to lose $100m (£68m) before it turned a profit – a figure that is about to be used up, according to the Post.
The title’s new US editor, Kent Brownridge, is optimistic that by the year’s end the magazine will be doing better. He admitted that sales were down – but less than others.
“I’m selling a lot better than I was a couple of weeks ago,” he said. The magazine is putting out a double issue this week ahead of the American Thanksgiving holiday.