Condé Nast lays off 100 employees on increased cuts
With the Covid-19 crisis continuing to disrupt the economy, publishing powerhouse Condé Nast is laying off nearly 100 United States employees and furloughing an additional 100.
According to industry reports, the cuts were announced via a memo from the publisher, which operates titles including Vogue, GQ, Glamour, Teen Vogue and Allure, among others. The memo also stated that the company will reduce work hours for some employees.
“These decisions are never easy, and not something I ever take lightly,” Roger Lunch, the company's chief executive, said in the memo. “I want to be transparent about the principles and approach we used.”
The latest cutbacks come after Condé's April announcement that it would work to offset lost advertising revenues by effecting salary cuts of between 10% and 20% for employees making more than $100,000, including Lynch and Anna Wintour - editor-in-chief of American Vogue and the artistic director of Condé Nast.
The pandemic's impact has also caused the company to temporarily suspend a number of its projects, such as the reformation of event spaces and the creation of a global intranet for employees.
Condé joins several other major media entities that have had to constrict as advertising revenues dry up, including Vox Media, Tribune Publishing Co., and Future Media Group's W Magazine, which furloughed the majority of its staff in late March.
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