Bike Magazine's parent company Source Interlink filed for bankruptcy on Monday. Not surprising given the dwindling print market, cutbacks in ad budgets and limited availability of credit.

According to the press release "business will continue as usual throughout the reorganization process." It's not clear how much fat Source Interlink is going to trim, but you can bet that they won't be finishing the year with their current roster of 75 magazines.

Nobody from Bike Magazine has been available for comment yet.

Bike Mag is pretty much responsible for getting me stoked on MTB over 10 years ago, and although I can't stand the the big trail little rider shots anymore I definitely don't want to see it shut down.

Full press release over on Bicycle Retailer.