More Staff Reductions at The Industry Standard
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The parent company of The Industry Standard Thursday cut its staff by 17 percent.
The catalyst for the layoffs is a "soft market," according to John Battelle, CEO of Standard Media International.
"We decided to take this course because the economic downturn is more severe than anyone expected, and we are committed to the long-term success of this company," he said.
Since the beginning of the year, the company has laid off more than 100 employees. In January, 36 people were let go. Sixty-nine employees lost their jobs as of today's announcement. Prior to the layoffs, the publication had consolidated its monthly supplement, Grok into the weekly magazine, citing a lack of advertising.
It is anticipated that the layoffs will impact the company as a whole, affecting the weekly news magazine, the online division and the conferences group.
The company now employs 300 throughout its U.S. operations, which includes offices in San Francisco, New York, Los Angeles and Washington, D.C.