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Devastating Advertising Declines Force Closure of Four Magazine Titles

08 Oct 2009

Following advertising page declines, Conde Nast announced it was closing four magazines: Gourmet, Modern Bride, Elegant Bride and Cookie following its restructuring evaluation by consultants McKinsey and Company.

 

The news was announced this week by CEO Chuck Townsend in a memo to staffers. "These changes, combined with cost and workforce reductions now underway throughout the company, will speed the recovery of our current businesses and enable us to pursue new ventures," Townsend wrote. "In the coming weeks, we hope to announce initiatives to develop digital versions of our brands that will make use of new devices and distribution channels."

 

The company previously had mandated 5 per cent cuts in expenses and closed some of its under performing titles, Conde Nast Portfolio, Domino and Men's Vogue in the face of the ad recession. But internally, the company was believed to be committed to publishing its remaining magazines.

 

Conde Nast said Brides, its surviving bridal magazine, would increase its frequency to monthly from six times a year. It plans to continue Gourmet's book publishing and TV programming and focus on its other food title, Bon Appetit.

 

A Condé Nast spokesperson declined to say how many layoffs were associated with the closings.

 

The affected titles had seen a rough first half in regard to advertising page losses, according to Publishers Information Bureau numbers. Through the first half, Gourmet saw ad pages tumble 46.1 per cent, Cookie's ad pages fell 19.5 per cent, Elegant Bride's fell 32.5 per cent and Modern Bride saw pages decrease 21.5 per cent.

 

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