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Conde Nast, publisher of Vogue, Vanity Fair and The New Yorker, is to close four glossy titles in the US, including American foodies' bible Gourmet, in the latest round of cost-cutting.
The cuts come after a three-month study by management consultants McKinsey advising the publisher how to reduce costs in the wake of an unprecedented 30% fall in advertising revenues for glossy magazines.
The other titles being shut are Modern Bride, Elegant Bride and Cookie. The publisher recently axed business magazine Portfolio and the home design glossy Domino. The latest closures will mean some 180 job losses.
Chuck Townsend, chief executive of Condé Nast, said the publisher would concentrate on titles “with the greatest prospects for long-term growth”.
He added: “These changes, combined with cost and workforce reductions now under way throughout the company, will speed the recovery of our current business and enable us to pursue new ventures.”
While the Gourmet monthly magazine will shut, the brand will still be used for television and book publishing.
