Earlier this month Emap revealed that it had received bids from small independent publishers and venture capital firms. However, none of the bids were seen as sufficient to keep the title running.
Dharmash Mistry, managing director of Emap consumer media, said: "At this stage our priority is to end the uncertainty and ensure that editorial staff affected by the recent suspension are free to pursue opportunities, either within Emap or elsewhere. To that end Emap has decided to close the magazine."
Mistry claimed that the company would try to redeploy as many of the staff as possible, which includes editor and Popbitch founder Neil Stevenson.
Mistry claims that the failure to find a suitable buyer was not just about price and wanted to ensure that the staff were going somewhere with a future.
The last issue went out two weeks ago, sporting hip hop singer Kelis and Outkast's Andre 3000 on the cover.
Emap still owns The Face trademark and has confirmed that in the future, if the right opportunity presents itself, it may well reappear. In earlier reports, Emap said it was considering "other formats", which could include an online version of the former style bible.
The Face was put under review last month following editorial changes designed to combat the falling circulation. The title was bought along with Arena for 拢16m in 1999 from Wagadon and in the same year its circulation dropped from 71,000 to 40,000.
In the latest set of ABC figures, The Face was down 7.8% on the previous six months to 40,286, down 4.6% year on year.
The Face is best known for documenting British youth culture, music and style in the 80s and 90s. It has helped to launch the career of supermodel Kate Moss and widely documented youth movements like punk, acid house and Britpop over the decades.
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