Fast Forward Weekly has been a fixture on Calgary's alt-culture scene for the last 19 years, but it will cease publication of its print edition March 5.
The free newspaper featured everything from club listings to band profiles to saucy personal ads.
"It's pretty sudden news and we're still coming to grips to what it all means and what we're doing moving forward," editor and publisher Drew Anderson told CBC News.
Fast Forward is owned by Great West Newspapers, which has a chain of small publications across the province.
Anderson says he was told of the shutdown when he met with owners Wednesday. Staff were informed Thursday.
"Same old media story really. Changing market, increased competition, fewer ad dollars, the internet," said Anderson.
"Things changed and we didn’t keep up. And the ad dollars just weren’t there to support the product, even though the readership was."
The future of the Fast Forward website is still not known.
"Anything is possible right now," said Anderson. "Those discussions will be for the next week."
Great West Newspapers president and CEO Duff Jamison says their other 25 Alberta papers are managing just fine.
"We continue to be the source of local news and that's proven to be a very good model, so especially now that we've got this new digital revolution underway," he said.
Fast Forward has eight full-time staff members. Fans of the alternative weekly were quick to react on Twitter with sadness and fond memories.