The Lake Norman Times announced Tuesday it will publish its final edition April 15, saying it had become “a victim of the nation’s declining economy and a stagnant advertising market in the Lake Norman area.”

The 17-year-old paper is owned by Womack Publishing Co. Inc., of Chatham, Va. In an announcement on its website, editor Bill Kiser said staff had been told of the planned closing on March 25.

Diane White, president and chief operating officer, is quoted in the article as saying, “Closing the Lake Norman Times was a difficult decision, especially considering our 17-year commitment to the newspaper and Lake Norman community.”

The paper had recently enjoyed some industry recognition, winning five awards in the N.C. Press Association’s 2008 News, Editorial and Photojournalism Contest.

Womack owns 15 newspapers in North Carolina and Virginia. The paper said in the announcement that both advertising revenue and circulation have suffered this year amid the economic downturn.