Things have gotten so glum over at 4 Times Square that S.I. has hired Michael Sheehan, a crisis manager to try to turn around not only the press on the beleaguered publishing house, but also the spirits of those who still work there, according to the NY Post’s Keith Kelly.

Just to put this in context, Sheehan was the guy AIG went to during its troubled times, and he’s even coached presidents Bill Clinton and Barack Obama.

The idea apparently came from Lucky publisher Gina Sanders, who also happens to be married to a Newhouse (Steven) after she noticed that morale was at an all-time low. Well, obviously. I mean they’ve laid off almost 500 people and closed six magazines. Everyone knows the glory days are gone and there’s nothing fun about that.

We’re just wondering what Sheehan will bring to the table to make the media, advertisers and employees change their doomsday mentalities. We hope it’s more akin to the re-positioning of Barack or Bill, because we still don’t have many warm and fuzzy feelings for AIG.

Keeping Score: Let the NYFW wrap-ups begin. First up, the Wall Street Journal’s scorecard. {WSJ}

Tweet, Tweet: Britt and I developed a pretty serious Twitter addiction over the past 10 days. We literally couldn’t stop ourselves and almost lost it when our phones died. She’s already in London, so you can keep up by following Fashionista_com. {Twitter}

Front Row Fabulous: I’ve been thinking about this outfit that Carine wore since I saw her walk into the tents that morning. Utter perfection. {WhoWhatWear}

Jak & Jil Meets Style: Tommy Ton is now shooting street style for Style.com. Yay! And Congrats! {Style}

McKinsey Watch 2009: The consultants have finished their reports at Condé and rumored info is starting to trickle out. Keith Kelly is reporting today that Allure, Teen Vogue, and Details have been spared, at least for now. They were thought to be in precarious spots. Dear Uncle Si, please don’t kill TV. We love it too much. {NY Post}

Time Inc. is halting production of its fashion title offshoot, Time Style & Design, according to Keith Kelly over at the Post.

The magazine was publishing quarterly under the direction of former Anna protégé and pre-Glenda Harper’s Bazaar EIC, Kate Betts. Like so many other publications, the collapse of the luxury market is to blame. Though Time Inc. says that this is definitely a “suspended publication. We’d hope to bring it back when the economy improves.”

Kate Betts will still be covering fashion for big Time. But sadly the other editorial staffers lost their jobs just as they were gearing up for Fashion Week.

Here’s hoping the magazine can stage a comeback. I rather enjoyed the news-based intellectual angles to many of the stories they covered.