Pride Media, which owns LGBT brands OUT magazine and The Advocate, on Wednesday announced three high-profile departures.

According to NBC News, OUT Editor Phillip Picardi, Advocate Editor Zach Stafford, and Pride Media interim CEO Orlando Reece have stepped down.

In an email to this staff, Picardi wrote that it had been an “honor” to helm OUT.

“I believe that LGBTQ+ media deserves the best – and that's what our team gave it while we had the chance,” he said.

One employee who did not wish to be identified said of the departures: “Personally, I'm pretty stunned.”

“The three highest-ranking members of a company all leaving in one day is just a lot to process, so I'm still wrapping my mind around it,” the employee said.

NBC News reported that the departures were related to finances, specifically unpaid invoices to freelance journalists.

Twenty-five freelancers have joined a lawsuit against Pride Media. They allege that Pride Media owes them over $40,000.

Over the last year, two LGBT outlets, UK-based Gay Star News and INTO, have folded.