Layoff Roundup: Summit Cuts 21, Crain Cuts 50, TechTarget Cuts 76
Workforce reductions continue.
The layoffs that have ravaged the publishing industry continue to roll, with three prominent b-to-b publishers cutting staff in an effort to reduce costs and survive the recession.
Summit Business Mediaâ€”a company that had been, until recently, on a buying spreeâ€”laid off 21 staffers last week and eliminated six vacant positions, FOLIO: has learned. As part of the cutbacks, a pair of senior executivesâ€”Joe Bennett, former Pfingsten president, and Jim Keefe, former senior vice president of the companyâ€™s events divisionâ€”are leaving.
Tom Flynn, the company's chief financial officer, will take on the additional role of chief operating officer.
Before the cuts, Summit employed 495. CEO Andy Goodenough told FOLIO: he has â€œflattened the organization and now have eight â€˜revenue unitsâ€™ reporting to me directly, up from four."
Crain Cuts 50
Meanwhile, Crain Communications, publisher of trade magazines including Advertising Age, Crainâ€™s New York Business and TV Week, laid off 50 editorial staffers, according to a Paid Content report, and shuttered the print version of Financial Week.
A rep for Crain did not return a request seeking comment. The company employs about 1,000 staffers.
Tech Target Cuts 12 Percent
Perhaps most eye-opening, however, was the news that Needham, Massachusetts-based publisher TechTargetâ€”a company that has seen significant growth over the last few yearsâ€”will slash 76 full-time staffers, or about 12 percent of its overall workforce.
According to a filing with the Securities and Exchange Commission Thursday (reported today by BtoB) the company also said it will close its two print magazinesâ€”Storage and Information Security.