A quarter. 25%. That’s the big budget cut number supposedly hanging over the heads of editors and publishers at 4 Times Square, according to an article today in The New York Observer. That’s a mighty chunk, huge even.
“There will be significant layoffs. Significant,” said one company source in the story. Well, yeah, I’d think so. And I hate that people are going to lose their jobs, but I think that some of the bloated mastheads at magazines like, ahem Glamour, are easily the first place one looks when making cuts. This is the kind of economic climate where a 23 person fashion department really doesn’t make a whole lot of sense. According to the Observer, the entire editorial staff of Details is only 35 people.
Apparently no mandates have been given as to how to make the cuts, just baseline budget numbers that must be met. CEO Chuck Townsend said, “I can boil what I say to editors and publishers down to the simplest statement in the world and that is: You, not me, you have a responsibility to run this business in a responsible way. It’s your responsibility. I want to see your proposal of how you’re going to do it.” We can’t wait to see what Anna, Graydon, Amy, and the rest come up with. Though I certainly don’t envy any of them the next few weeks.
Car service was cut for many during NYFW, and we’ve all read about shifts in who’s covering Europe. But what’s next? I would think shoot budgets, parties/events, and general travel cuts would be obvious choices. And some books will surely be reducing frequency of publication. Where would you start if you were charge?
One thing’s for sure: it’s going to be a whole new world for the Condé kids come October and beyond.