Meredith Corporation has cut a whopping 80 staffers in a move to address disappointing ad sales during the first quarter of 2012. The New York Post reports that every publication was impacted, including such popular titles as Better Homes and Gardens, Family Circle, Ladies’ Home Journal, Parents and Everyday with Rachael Ray.
Per a statement obtained by the Post, Meredith’s CEO, Stephen Lacy, said the pink slips were needed so that the company could “operate as efficiently as possible.”
We must dedicate resources to meet the demands of the evolving business landscape, and operate as efficiently as possible. As part of this process, today we are announcing selected work-force reductions of 80 employees companywide. These actions will enable us to allocate additional resources to our key strategic-growth initiatives.
Meredith is reporting its first quarter results today; that should be an interesting announcement.