Time Inc. has decided to suspend its upscale fashion and design quarterly Time Style & Design, citing challenges in the luxury market.

Keith Kelly first reported the closure in his New York Post media column today. He said Time plans to relaunch the magazine if the economy improves but noted that four edit staff members have been let go. Two business-side staffers were also laid off.

A spokesperson told FishbowlNY that the publication’s suspension will not affect Time‘s fashion coverage. In fact, Style & Design‘s editor-in-chief Kate Betts will be covering New York Fashion Week later this month for the magazine and Web site as planned.

The last issue of the magazine is out today.