The Grid, a free weekly newspaper, says it won't be publishing after Thursday.
Previously known as Eye Weekly, the paper, which is owned by Star Media Group, was rebranded as The Grid in May 2011.
Bob Hepburn, the director of communications for Star Media Group, told CBC News that the pending shutdown stems from on revenue challenges that couldn’t be surmounted.
"We launched The Grid about three years ago and it gained a real solid reputation as a top-quality, city magazine for the downtown Toronto core. It won all sorts of international and national design awards and writing awards," he said in a telephone interview.
"However, in this current advertising market, it’s been a difficult, challenging environment, not only for The Grid, but for other print and electronic media."
Twenty staff members are affected by the shutdown. Hepburn said that they were informed of the decision today.
A note sent to staff said that the closure would mean that "most members of The Grid family will be leaving Star Media Group as a result of this announcement."