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.