It was never an actual news publication. It was fawning advertorials for whatever white hot celebrity was big at the time. It clung on to the coattails of certain artists who were pretentious enough and mainstream enough to cover. It was all about window-dressing and style. Once upon a time, you could tightly manage that mystique when the founder was an iconic artist, but these days, that is not enough to bluff your way with an audience.
I had been in their offices once about twenty plus years ago. I sent in a pitch for a story, and I got called in -- only to take some online test, which I didn't do, and left as that wasn't what I was applying for in the first place. I made the trek from Oakville to New York City, and it was not a very pleasant experience as those in a position of power were full of themselves, but I shrugged it off as life is too short to care about other people's opinions of themselves.
From what I observed, it was a publication that lived in a sheltered bubble for arty nerds, but the Internet popped that bubble, and made those kinds of artsy sophistry mundane; however, I am not surprised that one of reasons it shut down was their treatment of employees.
It is yet another media fiefdom that could not survive, and it will not even be a footnote in history as its fifteen minutes were up years ago...