UPDATE 1-Doubledown Media files for Chapter 7 bankruptcy

NEW YORK Feb 25 (Reuters) - Doubledown Media LLC, which published Trader Monthly and other glossy magazines aimed at wealthy and aspiring Wall Street bankers and traders, has filed to liquidate under Chapter 7 of the U.S. bankruptcy code.

The closely-held company, which also published Cigar Report, Corporate Leader, Dealmaker and Private Air, on Wednesday filed for protection from creditors with the U.S. bankruptcy court in Manhattan.

Doubledown has between $10 million and $50 million of both assets and liabilities, the bankruptcy petition shows.

The company ceased operations after a key financial backer withdrew financing, according to a memo obtained by Reuters on Feb. 3.

Randall Lane, Doubledown's president, in the memo cited a "depression" for media companies, Wall Street upheaval, and tighter credit for the decision to close.

The financial press is struggling with falling advertising revenue, especially at publications that cater to rich professionals whose job stability and income streams are under increasing attack. (Reporting by Jonathan Stempel; Editing by Bernard Orr)