The Economist Group has announced the closure of its monthly magazine for finance directors, CFO Europe, with 13 jobs at risk.
In a statement this afternoon, the publisher said it had been put under pressure by a fall in advertising revenue and the magazine was loss-making.
Economist Group managing director Susan Clark said: “Despite the extraordinary efforts of a highly committed team, structural changes in the business-to-business advertising market have made achieving acceptable profit levels very difficult for CFO Europe.
“The business is operating at a loss, and the continuing economic deterioration makes the outlook even more challenging.”
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The final edition of the magazine is the recently published May issue. The decision follows the closure of CFO Asia and CFO China in February 2009.
The last-remaining CFO magazine based in America is not been affected by today’s announcement.
CFO Europe employed 13 staff including three journalists. An Economist Group spokeswoman said the company was doing all it could to redeploy staff elsewhere.
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