Feeling the continued effects of the recession, Meredith Corp. plans to slash the number of special-interest publications, or SIPs, that it puts out, laying off about 45 positions in the process.
Meredith’s SIPs are primarily newsstand publications that focus on home-related topics like remodeling, entertaining and gardening.
The company said it would put out about 90 SIPs in its 2011 fiscal year, focused around its flagship Better Homes and Gardens brand. That represents a reduction of 40 percent from about 150 SIPs in the prior fiscal.
Meredith said it would take a special charge of about $5.5 million in its fiscal 2010 second quarter to cover related severance, creative and distribution costs.
“The recessionary economy has impacted the consumer’s ability to execute these types of projects and [has] led to a decrease in advertising spending,” said Meredith president and CEO Stephen M. Lacy said in a statement.