Published: May 30, 2014 12:57 PM EDT
Updated: May 30, 2014 4:46 PM EDT

BONITA SPRINGS, Fla.- A major employer in Southwest Florida is shutting down. Source Interlink is closing its doors at of the end of business today.

The company is a distributor and owner of magazines, and employs thousands nationwide. Its world headquarters is located in Bonita Springs, where more than 500 people will lose there jobs.

Lee County leaders are shocked and embarrassed by the news, since they gave $250,000 of taxpayer money to the company to create more jobs.

Source Interlink moved here in 2002, but the county started leaning on the company last year because they were not providing as many jobs as promised.

The contract was ammended at that time, and the county refused to pay the company any more money until things improved. They haven't, and now, the county is trying to come up with a way to get that money back.

Count on WINK News to bring you developments in this story.