I am considering doing this to a friend right now. I don't feel like we are friends any more. She's let me down too many times, and I've lost a lot of respect for her due to very poor decisions she's made (possibly not always my business but I can't help it if I think she's been a twat and done things that demonstrate zero self respect).
We used to be really good friends, and could talk about anything. However, the last few times I saw her I have not enjoyed myself. She's been rude and arsey with me, then will frequently ask me 'Am I a horrible person?' which is REALLY grating. And I'm not prepared to say 'Of course not!' anymore.
The last straw is that she's told me she probably won't be coming to my wedding as she can't afford to take a day off work (I live in a different city, wedding is on a sunday) . I think this is just a big excuse, as she can probably feel the relationship has deteriorated and that we're not as close as we were, but what's suprised me is that once I got over the indignation of the rebuff, I realised I didn't actually want her to come anyway.
I'm just going to fade her out now, not overtly ignore her but just not get in touch and I think things'll fizzle. I don't want to have a big bust up as we have mutual friends, and I wouldn't want to shut the door in any case, who knows what the future will hold.
I think it's perfectly commonplace for friendships to fade out like this, and have been on the recieving end. It seems that with relationships, you get the chat and the closure but with friendships usually not.