Third Avenue forces out CEO as junk bond porfolio shuts down: WSJ

Embattled investment firm Third Avenue Management has ditched CEO David Barse, The Wall Street Journal reported on Sunday, citing sources familiar with the move.

Late last week, Third Avenue prevented investors from withdrawing funds from its high yield bond fund, a move that sent shockwaves through the market. Third Avenue intends to shutter its $789 million Focused Credit Fund.

Barse is a 24-year veteran of the firm, and is also a shareholder. The Journal reported that a security guard told the publication Barse had been let go, and was not allowed back in the firm's headquarters.

Third Avenue did not immediately respond to CNBC's request for comment.