The Grid, a free weekly paper which covered Toronto’s culture, people and politics and targeted the city’s young urban professionals, is shutting down.

“Well, we gave it our best shot,” the weekly posted on Twitter on Wednesday morning. “After 162 issues, this Thursday’s issue of @TheGridTO will be our last. We are shutting down immediately.”

The Grid also tweeted, “We’d like to thank our incredible staff and contributors and especially our readers for their tremendous support. This city is the greatest.”

Publisher Laas Turnball didn’t provide a reason for the closing of the publication which is a subsidiary of the Toronto Star, but said it will affect 22 staff members.

Turnball said in an email, “We’re hoping to place some of them elsewhere within Star Media Group, but nothing is firm just yet.”

The Grid’s website indicated that there were 12 staff members on the editorial side and another dozen names on the art and the sales and marketing side of the business. The paper also employed numerous freelancers for web and print stories.

The paper was known for its innovative design, and was named one of the five best designed newspapers in the world by the Society for News Design in February.

The publication was first launched on May 11, 2011 as a successor to Eye Weekly, which began publishing in 1991. In lieu of subscription fees, the Grid relied heavily on advertising revenue.

The Grid’s last issue will be published on Thursday.

What will you miss about the Grid? Share your thoughts in the comments below.