The National Magazine Company has announced it is looking to make about 15 per cent of its staff redundant in response to “unprecedented economic challenges to the business”.
The company, which publishes 17 monthly titles including Cosmpolitan, Esquire and Good Housekeeping, said the proposed cuts would affect “close to, but fewer than” 100 staff.
Natmag said in a statement that the cuts were designed to “ensure the business is in the right financial shape throughout 2009”.
As well as redundancies, the publisher will make further savings by cutting “operating expenses”.
Natmag chief executive Duncan Edwards said: “These are the worst conditions that we have faced in my 20 years at NatMag and the impact to the revenue side of our business is largely outside of our control,”
“We are therefore acting now to reduce the cost base of the business to enable us to get through this period in the best shape we can.
“It is a matter of enormous regret that we will be parting company with so many colleagues and we will do everything we can to minimise the redundancies and to ensure that those that do go are treated well.”
Natmag, which is a subsidiary of the US magazine giant Hearst, reported a 6.8 per cent decline in total circulation in the latest set of consumer magazine ABCs, covering the second half of 2008.