Condé Nast to Lay Off Nearly 100 Employees, Furlough Others, CEO Says in Internal Email
Condé Nast, famed publisher of titles that include Vogue, GQ and Vanity Fair, is letting go of nearly 100 employees and furloughing a similar number as it tries to weather financial distress amid the ongoing coronavirus pandemic.
In an internal email obtained by Mediaite, CEO Roger Lynch informed Condé Nast employees of the move and explained the company’s rationale.
“I’m deeply saddened to have to write this note with the news that we’ll be saying goodbye to some of our U.S. colleagues,” Lynch wrote. He added, “We tried to identify specific areas where we could bring down our costs without limiting our growth priorities.”
“Today, we are taking additional cost savings actions that are specific to our U.S. teams. These steps will result in just under one hundred team members in the U.S. leaving Condé Nast, and a similar number of people in roles that can’t effectively work during this period being temporarily furloughed,” Lynch explained.
The Condé layoffs come a month after Lynch announced pay cuts for those at the company making more than $100,000. As part of that move, announced April 13, Lynch warned that job losses could be on the horizon, saying, “we do expect there will be some role eliminations.”
The media industry has been hard hit, from an economic standpoint, by the coronavirus pandemic. As of April 10, The New York Times reported more than 36,000 workers at American news organizations have been either laid off, furloughed, or taken pay cuts.
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