Condé Nast, the publisher of magazines like The New Yorker, Vogue and Vanity Fair, will lay off about 100 employees and furlough around another 100, according to a memo from CEO Roger Lynch sent out Wednesday.
The move comes a month after a first round of pay cuts and furloughs was announced in April to combat the financial impact of the coronavirus pandemic, which is ravaging digital media and publishing.
In the staff email, reviewed by TheWrap, Lynch said he was “deeply saddened” and noted he and other executives had “hard to turn over every stone before having to make job reductions that would impact our teams” before deciding on the layoffs.
“Today, we are taking additional cost savings actions that are specific to our U.S. teams. These steps will result in just under one hundred team members in the U.S. leaving Condé Nast, and a similar number of people in roles that can’t effectively work during this period being temporarily furloughed. There will also be a handful of people with reduced work schedules,” he wrote.
Employees losing their jobs will receive severance packages and “job placement resources” while furloughed employees will have their health care premiums covered.
Those affected by the layoffs, furloughs and structural changes will be informed Wednesday.