(TNS) — Sports Illustrated, one of the most respected sports publications in the country since its inception in 1954, fired all of its staffers Friday, according to a report in the New York Post.

The Post report stated that Sports Illustrated owner The Arena Group informed staffers of their termination Friday.

SI staffers received word of the decision in a memo that was later distributed on social media.

The News Guild, which represents Sports Illustrated’s union employees, responded on social media, vowing to fight and calling for The Arena Group to continue to magazine’s digital and print publication.

A Washington Post.com report said that all SI staff and possibly all remaining writers and editors, received the termination notices Friday.

The move places the future of the iconic sports magazine in peril and could signal its impending demise.

A Front Office Sports report says the decision to gut the SI staff comes after Authentic, Inc., which purchased SI for $110 million in 2019, terminated an agreement with The Arena Group to publish the magazine in print and digital.

Arena missed a $3.75 million payment three weeks ago that breached the company’s licensing deal, according to the Front Office Sports report.