Toro, launched as a stylish, intelligent yet witty men's magazine in the vein of GQ, Esquire or Details, has been given the axe.

Officials announced Monday that owner Christopher Bratty is suspending publication of the Toronto-based men's title, which the real estate developer launched in 2003.

"Despite steady annual growth, it's become clear that the advertising revenue available in Canada for a general-interest men's magazine is such that even a very high-quality book like Toro can, at best, manage to sustain itself," publisher Dinah Quattrin said in a statement.

"Sadly, the limited advertising pool in the men's category, combined with rising operating costs and a lack of government funding, made it impossible to continue on."

The March 2007 issue, which was set to hit newsstands Feb. 20, will not be printed, Toro spokesperson Alicia Skalin told CBC Arts Online Monday afternoon.

Skalin, the magazine's sales and marketing co-ordinator, said Toro's 25 staffers were informed of the title's demise early Monday afternoon.

She and some other employees will remain in the magazine's offices until Feb. 23 to "wrap things up."

According to Skalin, there would likely be a plan to reimburse subscribers, but she did not have any details about how it would proceed. There is also the intention to compensate writers and others who have contributed material for future issues, she said.

Launched in April 2003 and published eight times a year, Toro scored an initial boost by being distributed nationally inside the Globe and Mail newspaper.

Toro was a frequent National Magazine Award nominee, and was honoured for its journalism, design and photography.