The Pittsburgh Post-Gazette has announced it will cease operations, with its final edition scheduled for 3 May.

The decision to shutter the newspaper – with its origins dating back to 1786 – was disclosed on Wednesday by Block Communications, the newspaper’s parent company based in Toledo, Ohio.

According to Block Communications, the closure follows two decades of financial losses totaling more than $350m. “[T]he realities facing local journalism make continued cash losses at this scale no longer sustainable,” the company said.

The company also pointed to a recent legal ruling that favored the Post-Gazette’s union, which reinstated the terms of the employees’ 2014–2017 labor agreement. Describing the ruling, the company said it “imposes on the Post-Gazette outdated and inflexible operational practices unsuited for today’s local journalism”.

“We deeply regret the impact this decision will have on Pittsburgh and the surrounding region,” Block Communications said.

The newspaper’s closure follows Block Communications’ decision earlier this month to shut down another publication, the 34-year old Pittsburgh City Paper, citing a “business model [that] has not reached a level of financial performance that allows Block Communications to continue operating it responsibly”.