Amid dwindling revenue and mounting debt, The New York Times is cutting back on the number of issues of T magazine, a free fashion supplement.

Going forward, the newspaper will publish only 12 issues a year, down from 15 last year.

Weak ad sales have already put the kibosh on Play, the Times’s sports supplement that folded last year.

The newspaper’s lifestyle supplements helped boost ad revenue during good times. But with ad sales drying up across the newspaper and magazine industry, the cost of producing free inserts has become harder to justify.

Insiders at the Times have also complained that lower journalistic standards in the supplements reflect badly on the newspaper.

The company recently sold a $250-million stake in the paper to Mexican billionaire Carlos Slim Helú. It is also seeking to sell its stake in the Boston Red Sox to help with a multimillion-dollar debt payment in the months ahead.