Yepp. Basically what the title says.
http://www.animenewsnetwork.com/news/2011-04-15/tokyopop-to-close-north-american-publishing-division
ANN has confirmed with Tokyopop Senior Vice President Mike Kiley that the company will shutter its Los Angeles-based North American publishing operations on May 31. The company's film and European operations will be unaffected by this closure, and its office in Hamburg, Germany will continue to handle global rights sales for the company.
I have to admit, I don’t really read manga, I only really really watch anime, and ocasionally buy the DVDs whenever it’s a title I really enjoyed.
Still, this means a ton of manga will be left half-translated...