So far the company has refused to comment on the number of job losses, but according to BusinessDay, a source has said that about 10 jobs are likely to go.
Once dominant in the "lad's mag" market that emerged from Britain in the 1990s, FHM - For Him Magazine - shocked market observers when it shed half its circulation in the last six months of last year.
It was a long way from the roaring days when, after launching in 1998, FHM and its main rival Ralph enjoyed strong circulation based around sharply designed and written glamour spreads, humour, sport and lifestyle.
But the launch of the more downmarket Zoo Weekly in 2006, followed by the global financial crisis, growth of online content and a splintering of the men's magazine market into niche titles spelled trouble. Ralph died in 2010. Last year, FHM's circulation fell from 50,154 copies a month to 26,026.
In a statement, ACP Magazines said it was "endeavouring to redeploy employees, however some redundancies are expected".
"The decision to close a title is never an easy one and FHM is certainly no exception," the Sydney Morning Herald quoted chief executive Matt Stanton as saying.
"FHM is a terrific brand but, given the current market conditions, it has been difficult for ACP to make it a commercially viable proposition," he said.
