Jessica Simpson, 33, who has her own fashion line, was one of the mentors on the show along with Nicole Richie.
The series had initially launched with former supermodel Elle McPherson as the presenter and was seen as a direct competitor to the hugely successful Project Runway.
Contestants were asked to come up with new designs, with the celebrities acting as mentors.
After just one season Elle McPherson was replaced by Louise Roe but the reality show continued to struggle in the ratings.
On average, the show rated 0.7 in the advertiser-coveted Adults 18-49 demographic and 2.76 million total viewers.
After the poor showing in season one NBC replaced H&M, who sold the show’s designs, with Express.
But as viewing figures plummeted the show was moved from Tuesday night the graveyard slot of Friday night.
NBC chief Bob Greenblatt confirmed at the Television Critics Association Press Tour that the show was cancelled.
While Jessica Simpson’s reality show career might be over her clothing line goes from strength to strength.
The Jessica Simpson Collection, which produces shoes, handbags, coats and clothing took in $750 million in retail sales last year.
Its success has meant Jessica Simpson is now worth over $100 million.
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