This is really, really disappointing to hear... But also not very surprising...
I've been subscribing to Nintendo Power since Issue 32 (January 1992), and had since also gone back and gotten all of the issues of it that I had missed, as well as all of the issues of the Fun Club News that came before it except for the first issue of that.
That said, when Nintendo Power switched over from being published by Nintendo, to being outsourced to Future with Issue 222 in December 2007 (following the closing of their online forum the month before as well of course), the feeling of the magazine changed dramatically. I know people criticised it for being "Not much more than a big Nintendo advertisement," but, taking it for what it was, it did a magnificent job at it, and having those close ties directly to Nintendo produced some wonderful stuff. After it switched over to being published by Future, it became "just another magazine."
Still, despite the past few years having been rather discouraging for it, I had kept up my subscription, because I just kind of felt like it was something I needed to do. And while, as I said, it's not surprising at all that something like this would happen, it's still very disappointing...
(Picture's a number of years out of date, but nonetheless)