Virgin Mobile Canada has announced this year's festival is a no-go.

The company told QMI Agency it's taking a break until 2011 to recover from the tanked 2009 economy. Virgin Mobile Canada CMO Nathan Rosenberg also cited difficultly securing headliners as a reason for the decision.

"If we can't produce a festival that provides a talent lineup that we think is appropriate, we won't go ahead with it," he said.

Vfest has dealt with turbulence the last couple of years. Struggling 2009 ticket sales meant the festival had to be moved from Orillia to the Molson Amphitheatre. The year before, Oasis guitarist Noel Gallagher was attacked by a drunken brute while performing during the event on Toronto Island.

Rosenberg is optimistic that the festival will be back in full swing in 2011.