Another one bites the dust.
Joanne Lipman, Portfolio’s editor in chief, on Monday told staff that the Conde Nast magazine would cease operations. The entire Portfolio magazine and Portfolio.com staff of 85 employees, including publisher William Li and Ms. Lipman, will be let go, according to a BusinessWeek report.
The decision was made “because of financial reasons at Advance,” parent company of publisher Conde Nast, according to Portfolio.com.
Magazines and newspapers are struggling for survival amid the economic downturn and its damage done to print advertising.
Portfolio in October 2008 had decided to reduce its print run from 12 issues a year to 10. Also, Conde Nast in the last year shuttered its Domino and Golf for Women magazines.
The news comes after PC Magazine in November 2008 said it would cease print publication and after Business 2.0 announced September 2007 it would call it quits.