In a letter to the readers, The New York Sun says it will fold at the end of September unless they secure additional funding. "Our losses, which are substantial, have been covered so far by a group of investors whom we would call heroic," the letter reads. "And they are prepared to continue to back the enterprise with new capital. But as costs rise and the advertising market for newspapers generally tightens, keeping the Sun alive and moving it toward self-sufficiency will require broadening the base of investors beyond the original group." The newspaper began publishing daily in April, 2002.