Portfolio Magazine, the glossy business publication that featured pieces by literary-minded journalists like Michael Lewis and Tom Wolfe, has closed.

Editor-in-Chief Joanne Lipman broke the news to staffers, media reporter Jeff Bercovici reports on his Portfolio blog: "Lipman said the magazine is ahead of its business plan on various business metrics, and also noted that it won a National Magazine Award last year after publishing only a handful of issues, a rare accomplishment. But a sharp and extended downturn in ad revenue has made success elusive."

In December 2008, Lewis (the author of "Liar's Poker") wrote the cover story: "The End." In May 2007, Wolfe (the author of "The Bonfire of the Vanities") wrote "The Pirate Pose" for the magazine.