The paper’s daily circulation has dropped from 850,000 to 275,000 in the past five years, and it has lost £84.5m over the past six years.
The paper’s forerunner, named the Standard, launched 197 years ago, with an evening version added in 1859.
In 2009, businessman and former Russian intelligence officer Alexander Lebedev, along with his son Evgeny, purchased the London Evening Standard.
After they took control, circulation saw an increase as they transitioned the paper to a free model, relying on advertising revenue instead of sales.
Despite continuing as a free publication, circulation has since fallen back to just above the levels seen when they took over.
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