CB1 Gallery co-founder Clyde Beswick announced that he will be shutting down his operation, which is housed in a large space in the city’s Arts District, the Los Angeles Times reported Friday. The news comes shortly after nine artists who have shown with the gallery signed their names to a public letter alleging that Beswick failed to pay for artwork sold through the gallery, along with other violations of contracts they have with the gallery. In a statement to the Times, Beswick said the gallery closed due to “cash flow and slow sales.” He also said that he struggled financially with the gallery’s move to its current space, which is markedly larger than its original home. He added he was “working hard to resolve any issues with the artists whose work we have shown.” The first indication of trouble at the gallery came last year, when two of the signatories of the letter, Brett Reichman and Michael Mancari, filed separate lawsuits against Beswick alleging nonpayment. Mancari settled with the art dealer for $6,000, but the artist said he has yet to receive any of the promised settlement installments.