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Condé Nast closes Gourmet, 3 other titles (Crainsnewyork)
Magazine giant succumbs to the recession in luxury advertising and shutters glossy titles Gourmet and three others, but top executive says this will end the closings.
High-end magazine giant Condé Nast rocked the media world when it shut down four glossy titles Monday morning.
Though cuts were expected at the privately-held division of Advance Publications Inc., the company had kept its cards close to its vest when it came to magazine closings. Even so, rumors had persisted that some titles were vulnerable.
Cookie, a parenting title aimed at upscale mothers; foodie magazine Gourmet, and bridal titles Modern Bride and Elegant Bride will all be closed, Chief Executive Chuck Townsend announced Monday.
“We have closed businesses we found we couldn't financially justify and couldn't find a way to assure their profitability going forward,” Mr. Townsend said in an interview. “We're putting resources solidly behind businesses with a bright future.”
He added that “these are all of the businesses we will close.”
About 180 people will be affected by the closings. Though the company usually tries to find new jobs for laid-off employees, that will be complicated by the budget reductions being planned across Condé Nast for 2010.
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