Amy Wicks of Women’s Wear Daily reports Thursday that potential layoffs are coming to Forbes magazine under new leader Lewis Dvorkin.
“It’s no news morale has been at rock bottom at Forbes, nor that the company has been hurting financially. In January, Forbes sold its lower-Fifth Avenue headquarters to New York University. Last year, the company laid off about 100 workers and auctioned off its wine collection. And things aren’t necessarily looking up. Year to date, ad pages in the magazine have declined about 22 percent, according to Media Industry Newsletter. Most of its competitors, meanwhile, have posted only single-digit declines in ad pages. And in the second half of last year, Forbes’ newsstand sales were down about 9 percent compared with the same period of 2008, according to the Audit Bureau of Circulations. A Forbes spokeswoman denied the speculation, saying: ‘There has been no talk of layoffs.’ Dvorkin was unavailable for comment.”
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