Gourmet magazine closing after almost 70 years.
Media giant, Conde Nast, announced this morning that it will be closing publications: Modern Bride, Gourmet, Elegant Bride and Cookie. These closings will lead to lay offs of approximately 180 employees.
Until recently Conde Nast has been able to keep it publications going even with the decline of advertisements during the economic downfall. But due to the decline of luxury advertisement sales by 18% this year in the larger publications (like Vogue and Vanity Fair) cuts had to be made in the smaller publications.
These cuts are a huge hit to the food world considering Gourmet has had a huge following for almost 68 years. It will be survived by Bon Appetit. Cookie was a fairly new addition that was started in 2005. Modern Bride and Elegant Bride were spin offs of larger bridal magazines that Conde Nast owns.
A warning was given to many of the other publications to cut spending 25%. These four just could not make it happen soon enough.
As of the second quarter this year ad sales had dropped 29% throughout the print media industry. It is scary to say but our favorite magazines may also be on the chopping block.
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