More magazine, which began publishing in 1997 and billed itself as "the magazine for women of style and substance," is shutting down, publisher Meredith Corp. announced Thursday.

In a statement, the company cited "advertising challenges in the luxury marketplace," and said that it would instead invest the re-allocated resources in "more profitable activities."

The magazine's April issue will be its last. As of the magazine's February issue, More had a rate base of 750,000. In the statement, the company said it had a "loyal audience of high-household income women," but that its finances never recovered from declines during the recession of the late 2000s.

"Approximately 30" employees will be affected by the magazine's closure, a spokesman confirmed. "However," he said, "we are where possible attempting to place some of the employees in existing open positions where their skill sets may align."

"Meredith wishes to thank the entire More team for the creative energy and passion they have had for the magazine," the company said in the statement. "They have been consummate professionals, and we appreciate everything they have done with the title over the past several years."