Disney is going on a good old-fashioned reaping today and culling some of its less-profitable MMO properties. In addition to shuttering Toontown Online, the Mouse House is sunsetting Pirates of the Caribbean Online on September 19th.
The official announcement informed players today of the sad news and explained the decision to cancel this title: "The Walt Disney Company is committed to offering high-quality, entertaining play experiences in both online virtual worlds and mobile apps. At this time, we are shifting our development focus towards other online and mobile play experiences, such as Club Penguin and a growing selection of Disney mobile apps."
The upshot of this is that the final month will be playable for free to anyone interested, and any players who paid up past August 20th will receive an email with details regarding refunds.