Back in January, we were shocked to learn that eLUXURY.com was closing its virtual doors.

Yesterday, the high-end online destination officially announced that June 26 will be its last day. So sad! The silver lining? There will be crazy sales during its final chapter.

But all is not lost, the site confirmed rumors that it will be turning into an online magazine. Phew!

The company said "It is moving to the next step of its evolution, repositioning itself as a premier source of editorial content." No editors have been announced yet, but it's sure to shake things up in the small world of fashion editorial!