What are the four magazines that Conde Nast announced they would be shutting down?
Conde Nast CEO Charles Townsend said Monday he was shutting down four magazines, including the awarding winning Gourmet, parenthood title Cookie and two of the company’s bridal magazines, Modern Bride and Elegant Bride. It was the biggest one-day bloodbath in the publishing company’s 100-year history. Hundreds of people will be tossed out of work. The company said it would keep the Gourmet cookbooks and television programming but shut the monthly magazine. Bride’s, the last surviving bridal book, will move to monthly from six times a year. Industry sources had estimated that Conde Nast could lose $200 million this year. The closings come after the management consulting firm McKinsey & Co. completed a three-month study of the American magazine publishing giant that is headed by billionaire chairman S.I. Newhouse, Jr., and is part of his family’s Advance Publications empire. Sources:
Condé Nast Publications Inc., struggling amid a widespread advertising slump, plans to cease publication of four magazines. The magazines to be closed are Gourmet, Cookie, Modern Bride and Elegant Bride, according to a memo to employees written by company Chief Executive Chuck Townsend. The cuts are designed to “navigate the company through the economic downturn and to position us to take advantage of coming opportunities,” Mr. Townsend said in the memo Monday. Sources: http://online.wsj.com/article/SB125475373996964695.
