Last year, Conde Nast announced a company-wide 5% budget cut and cancelled their usual holiday party at the Four Seasons, and a lot of people hoped that would be the end of it.
But on top of yesterday's memo from Conde's CEO Chuck Townsend sent out to employees to politely remind them to watch their spending (ie, Please don't send your intern to Starbucks four times a day), comes word from WWD that the company's publishers have all been asked to draw up reports on how they could potentially cut another 10% from their budgets for 2009.
Furthermore, the Post claims that Hachette, publisher of ELLE, is looking to move their offices to the Financial District, the older, downtown area of Manhattan with tons of empty commercial space and much cheaper rent, indicating that the company is looking to pull way back, too.
So what does it mean if some of the publishing world's biggest names are planning major pullbacks before the first quarter is even through? ...
