NBA Commissioner David Stern canceled the first two weeks of the season after two straight days of last-ditch negotiating sessions failed to resolve the labor dispute.

Mr. Stern said both sides were "very far apart on virtually all issues....We just have a gulf that separates us."

The cancellation came after a seven-hour meeting at a Manhattan hotel on Monday. There are no further meetings scheduled and no timetable for when more games could be axed. Mr. Stern said that any financial losses incurred in the stretch will be factored in as negotiations move forward. The league has said it stands to lose hundreds of millions of dollars.