Thursday night GOOD Magazine had a launch party for its newest issue. On Friday it laid off most of its editorial staff, according to multiple sources. At least some of the layoffs occurred at the magazine's Los Angeles headquarters. Executive Editor Ann Friedman, who was named to her post in March 2011, Managing Editor Megan Greenwell, Senior Editor Cord Jefferson, Lifestyle Editor Amanda Hess, business editor Tim Fernholz and Associate Editor Nona Willis Aronowitz are among the people who've lost their jobs. Wylie Overstreet tweeted that he's leaving voluntarily.

GOOD co-founder Casey Caplowe delivered the bad news to at least three staffers, they said.

GOOD appears to be exploring a community-based publishing system with a public beta site described as "a platform for 21st century citizenship" that includes aggregation (GOOD Finder) and a tool for mobilizing locally (GOOD Maker).

In an interview with Friedman last fall, Jessica Clark gave a short history of GOOD:

Launched in 2006 by 26-year old Ben Goldhirsh—son and heir of Inc. magazine founder Bernie Goldhirsh—it was distinguished from the start by both a bold graphic style and an unconventional approach to business. As a media company, GOOD has produced feature films and events, and most recently merged with Jumo, a social engagement platform designed by Facebook cofounder Chris Hughes to match users with like-minded causes and nonprofits.

Sharon Waxman profiled the magazine when it launched in 2006. Founders Ben Goldhirsh and Max Schorr, Waxman wrote, are "idealists who believe that that capitalist demigod, the market, is not to be trifled with. A life in investment banking or a dot-com start-up wasn’t going to cut it for them."

Goldhirsh has not yet replied to a request for comment.

Friedman is also the creator of #realtalk from your editor and Lady Journos.

Related: Response to GOOD magazine layoffs (Storify)