In a continued effort to cut costs following its major restructuring announcement in October, Time Inc. has decided to close the Canadian edition of Time magazine. The December 29 issue will be its last.

As a result, Time Inc. will close its Toronto sales office.  Seven people were laid off.

In an e-mail to FOLIO:, a Time Inc. spokesperson attributed the closing to “the challenging economic climate.” “Moving forward, readers and advertisers in Canada will be served by Time’s U.S. edition,” the spokesperson wrote.

In October, Time Inc. announced a major restructuring it said could result in roughly 600 layoffs. The U.S. edition of Time saw ad pages fall 19.2 percent through the first nine months, according to Publishers Information Bureau figures.