Bolshoi Gorod magazine's future was up in the air Friday after its website editor posted a message saying that "all of website's editorial staff have been fired" on her Facebook page.
Later in the day Bolshoi Gorod owner Alexander Vinokurov, who also owns Slon.ru and Dozhd television, wrote on his blog that Bolshoi Gorod must either cut its expenditures, collect money from readers, or shut down altogether.
According to Vinokurov, the magazine currently spends $350,000 on its operations every month, but should cut costs to at least $200,000.
Bolshoi Gorod is a twice-a-month magazine whose name translates as "Big City." It provides Moscow residents with a high-brow lifestyle magazine that not only describes everyday life but also tracks the city's major trends.
Bolshoi Gorod sprouted out of Afisha magazine, but was declared unsuccessful commercially in 2009 and eventually sold to its present owner.
In recent years the magazine has struggled to become economically sound, with previous editor Philip Dzyadko leaving in May 2012. At the time many media pundits said that Dzyadko was fired due to his political opposition-minded views.
On Friday night, Bolshoi Gorod's Facebook page updated its cover photo to show staff members posing with a Bolshoi Gorod "for sale" sign.