Toronto Fashion Week usually happens twice a year and brings out the best and most innovative local designers for seven days filled with shows, parties and lots of outrageous street style. But no longer.

As the Canadian Press reports today, organizers - IMG Canada along with IMG Fashion - are axing the semi-annual sartorial event. Apparently the week-long celebration lacked local support.

"We really felt that our Canadian fashion footprint was not generating the local commercial funding that we really required in order for us to continue producing the event to the highest standard that, really, the industry deserves and the designers in Toronto deserve," said Catherine Bennett, senior vice-president and managing director of IMG Fashion Events & Properties, to the Canadian Press.

Earlier this year, World MasterCard dropped out as the event's title sponsor. Toronto Fashion Week re-branded for what would be its final Fall 2016 showcase.