The commercial TV station Z1 is being closed down due to financial problems, the ctk news agency reported on Monday. Z1 is to go off the air as of midnight tonight. The station which launched its digital broadcasts in 2008 has focused largely on news, business reports and short documentaries. It has been dogged by financial problems. Its management laid off two-thirds of employees in the autumn of 2009 but despite this and other streamlining measures the station has been unable to build up an audience and generate profit.