The fallout from the sweeping Time Inc. layoffs continues with last night’s announcement that the company intends to shutter four-year-old Cottage Living and close down its accompanying website CottageLiving.com. The November/December issue of the shelter magazine will be its last.
In a statement that accompanied the news a Time Inc. spokesperson said: “Since its inception, Cottage Living attracted significant advertiser support and fostered a loyal following among readers…However, the economic downturn has particularly affected the shelter market, and while the brand was genuinely loved by readers and advertisers alike, the economy inhibited its ability to grow.” Cottage Living launched in 2004 quickly becoming “the single-largest, ad-page tally for a Time Inc. launch” it was subsequently named Startup of the Year by Adweek Magazine in 2005. WWD says that the magazine employed 47 staffers, “of which nine will be placed within other Time Inc. publications” and that the company plans to “keep the Cottage Living brand alive in one of its other leading shelter titles.”
And this may just be the beginning of a long day for Time Inc. employees.
According to the New York Post today is “the day of the ax” at the company.
The magazine giant is expected to cut more than 250 from the payroll as part of an overall plan by Time Inc. CEO Ann Moore and Editor-in-Chief John Huey to slash 600 jobs from its overall work force of 10,200 employees worldwide.
One insider estimated that when the Day of the Ax is done, it promises to be among the bloodiest one-day periods in the company’s history.