The homies over at Bossip.com are reporting that the iconic brand may be folding its magazine. According to Gawker, even the popular go-to mag for black women can’t withstand the tides of the recession. Just a couple of days after announcing the retirement of beauty editor Mikki Taylor, Gawker reports that there has been a lot of pink slips and turnovers since November. Talk of the magazine’s financial problems came up when they used an old picture of Reggie Bush as their cover shot for their February issue. If a large magazine owned by Time Inc. can’t afford to do a photo shoot for their cover story then who can? Time will tell if Essence goes the way of Vibe and become an online-only pub.