The 22-year-old title will close after its April issue.
The title had an average net circulation of 29,374 copies per issue in the second half of 2008, 16.4% more than in the second half of 2007, according to ABC. However, the 2008 figure was 40.4% lower the H2 2005. It peaked at more than 90,000 in the mid '90s.
The magazine was printed and bound by St Ives Plymouth with covers by Cardiff-based The Westdale Press.
Bauer said in a statement that it had reluctantly decided to suspend Arena. The suspension does not affect bi-annual offshoot Arena Homme Plus, also printed by St Ives Plymouth.
Bauer continued: "Following this decision, we have now entered into consultations with several members of staff."
The high-profile newsstand title is the latest victim of sharp declines in advertising revenues.
Also see: St Ives teams again with Condé Nast for Wired relaunch
