business2It didn’t take long for the axe to fall on San Francisco-based Business 2.0. Less than a week after reports indicated that publisher Time Inc. was entertaining offers to purchase the magazine, the company has opted to shut it down rather than sell it, the New York Times reports. Ten Business 2.0 editorial staffers—including longtime editor Josh Quittner—have been reassigned to sister publication Fortune magazine.

“I’d be lying if I didn’t admit to being heartbroken,” Quittner told the Times. Time Inc. apparently turned down offers from Mansueto Ventures—which publishes rival Fast Company magazine—and other prospective suitors.

Last month, rumors circulated that the September issue of Business 2.0 would be its last. Time Inc. apparently decided to retain the staff an extra few weeks to put together the October issue. A passionate group of Business 2.0 readers even formed a group on social networking site Facebook to show support for the magazine. Late last month, Gawker Media Silicon Valley gossip site Valleywag reported that a magazine logo near the magazine’s entrance had been altered to read: “Fortune 2.0.”

Human resources personnel and other Time Inc. executives are expected to visit the magazine’s headquarters today to formally shut down the operation, the Times report says.