The bi-monthly title, which took its inspiration from Dennis Publishing's The Week and was presented as a digest of style and fashion press from around the world, launched in September.
The title's publisher, Craft Publishing, has decided to cease publication after just two issues due to the difficult economic market.
Craft Publishing said it is hoping to bring the brand back as a mobile application. It has not, though, ruled out reviving Distill, which was aimed at 25 to 45 year-olds in the creative industry, as a printed magazine.
It is understood the closure has not led to redundancies, as staff have been redeployed within the group or were employed on a freelance basis.
Craft Publishing was set up in 2007 by managing director Christopher Lockwood, previously a publisher at Wallpaper and Dazed & Confused, and editorial director Matthew Line, former editor of titles including Homes & Gardens and She.