Ms. Gardner, who built the brand with stunts like a fashion spread in Harper’s Bazaar in which she wore Gucci and Carolina Herrera among farm animals, was a well-liked editor whose hires were devoted.

Reached at her home in Hudson, Ms. Gardner said she could not speak about the matter. She remained unsure about her next move in the media world.

At the center of Modern Farmer’s collapse is the magazine’s financial performance. Mr. Giustra, who made money from mining interests, founded Lion’s Gate Entertainment and is a major contributor to the foundation headed by Bill Clinton, had been eager to move into food. He started an Italian olive oil company, invested in both industrial and small-scale farming operations and financed a specialty food company based in San Francisco.

Modern Farmer was part of that portfolio. But after a handful of issues, Mr. Giustra was disappointed in Ms. Gardner’s performance regarding early revenue figures and her ability to deliver additional investors. In the end, the chasm between the two became too wide to bridge and she left.

The staff that remained said they doubted Mr. Giustra’s commitment to funding the operation and watched the ship drift while a business manager from Albany and Ms. Gardner’s former executive assistant ran things.

Jesse Hirsch, a senior editor who came from San Francisco to help start the magazine, and Cara Parks, the executive editor who joined the staff in October, decided Thursday night that they would leave. The editorial content was left to two interns whose tenure ends Feb. 1.

“I loved Modern Farmer so much, but I can’t imagine how it can continue to be what it once was,” Ms. Parks said.