Is today a day ending in “y”? Then there must be more layoffs to report. Companies wielding the ax today: Hearst, Time Inc. and Mattel (hey, what happened to all that money from the Bratz lawsuit?)
Exactly how many employees have been laid off was not immediately clear. A spokesperson declined to comment on the terminations other than to say they were made as part of Hearst’s effort to “streamline” its businesses.
“Suffice it to say that changes are minimal compared with some of our competitors,” the spokesperson wrote in an e-mail to FOLIO:.
One of the trickles out of Time Inc. about who’s leaving: Money managing editor, Eric Schurenberg. We’re sorry, but that’s so timely.
NY Times: The top editor of Money, the nation’s best-selling finance magazine, will leave later this month as part of the shake-up at Time Inc., company executives said Thursday.
Eric Schurenberg, the managing editor since 2004, will step down after completing the December issue, and the company expects to name a successor next week, said the executives, who spoke on condition of anonymity because they were not authorised to discuss the matter publicly.
They said that in light of expected layoffs, and talk within the company of a new editorial direction for Money, Mr. Schurenberg and John Huey, editor in chief of Time Inc., had made a mutual decision that Mr. Schurenberg would go.
Mattel’s also laying off 1,000.
AP via LA Times: Mattel Inc. said today it is cutting about 1,000 positions worldwide because of the economic downturn that is clouding the holiday outlook for toy makers.
Mattel, which makes Barbie, American Girl and Fisher Price products, among others, said the positions amount to 3 per cent of its worldwide work force and will reduce its professional and management staff by 8 per cent.
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