The publisher of the Daily Mirror launched the title, which aimed to target those who had "fallen out of love with newspapers," at the end of February with a promotional print run of about two million.
The title was launched with a £5 million TV ad campaign that ran with the strapline "Seize the New Day."
It had hoped to sell about 200,000 copies a day, but sales are reported to have fallen to about 40,000.
At launch, the New Day was announced as politically neutral and its publisher said it was aimed at readers who no longer bought a newspaper.
Two million copies were distributed free on launch day. It then cost 25p for the first two weeks, before rising to 50p.
Although the title had a social media presence, it did not have a website.
In its trading update Trinity said: "Although The New Day has received many supportive reviews and built a strong following on Facebook, the circulation for the title is below our expectations.
"Whilst disappointing, the launch and subsequent closure have provided new insights into enhancing our newspapers and a number of these opportunities will be considered over time."
Here's tomorrow's front page... pic.twitter.com/fdJnhR7Eki
— the New Day (@thenewdayuk) April 25, 2016
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