Why Did Cessna Cancel The Citation Columbus?

The Cessna Citation Columbus (or model 850) was a business jet project that Cessna launched in February 2008. It sounded like a very promising and revolutionary business jet of its time and would have been Cessna’s largest business jet and would compete with popular mid-size business jets of the time. Unfortunately, the company decided to cancel the project in July 2009. So, why did Cessna cancel the Citation Columbus?