Magazine giant Condé Nast said it will be laying off 100 US staffers as the coronavirus pandemic continues to squeeze advertising for a third straight month.
The publisher of Vogue, Vanity Fair, The New Yorker and GQ also said it will furloughing up to 100 people. The cutbacks follow earlier efforts to cut costs by reducing salaries and instituting a hiring freeze.
Condé Nast employs some 2,700 staffers in the US and 6.000 globally.
“Today, we are taking additional cost savings actions that are specific to our U.S. teams,” said CEO Roger Lynch.
“These steps will result in just under one hundred team members in the US leaving Condé Nast, and a similar number of people in roles that can’t effectively work during this period being temporarily furloughed. There will also be a handful of people with reduced work schedules. These decisions are never easy, and not something I ever take lightly.”
“Through this crisis we’ve all gone through many states of emotion, personally and professionally, and I’m deeply saddened to have to write this note with the news that we’ll be saying good-bye to some of our U.S. colleagues,” said Lynch.