1:40 pm Oct. 11, 2012
Cuts are continuing at Conde Nast.
Following this morning's New York Post report that about 10 staffers at Self have been let go, Capital has learned pink slips are also being handed out at the company's trade arm, Fairchild Fashion Media.
Sources confirmed that layoffs hit a handful of business-side and editorial employees at Fairchild and that the reductions are indeed happening company-wide, though not by way of any sort of top-down edict. Rather, individual brands and departments are determining how to meet the 5-percent budget cuts that have reportedly been mandated for 2013.
"It's bad here," said one insider. "Morale is low."
GQ and Glamour are also said to be on the block, according to the Post.
Reached for comment, a Conde Nast spokesperson pointed us to a statement given to the Post earlier this week:
“All of our leaders are making independent decisions in how they reach their business goals. Like all quickly evolving businesses, we must effectively manage our short-term objectives so that we can continue to invest in our long-term growth.”
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