Here’s the internal announcement regarding the folding of three Vance Publishing décor titles. The market might be unique, but the words should sound familiar to publishers struggling to navigate the economic crisis.
As you all know, we are currently in a worldwide economic recession that is not expected to turn around until some time next year. Advertising has been particularly hard hit. While we have made great strides to develop digital and event business, our primary source of revenue is still print advertising. For the past several months, your management team has painstakingly reviewed each and every one of our expenses. On the production front, we have reduced circulation, folio size and trim size. We have reduced travel for non-sales personnel. We have evaluated our contracts with outside vendors looking for better deals. We have scrutinized everything. These efforts will help the bottom line, but alone, will not be enough to ensure our long-term viability. With the vast majority of our expenses being people, it was with great difficulty that we made the decision to downsize our workforce and cease publication of our Décor brands.
The moves we announced today will allow us to continue to profitably serve the agriculture, beauty and wood industries. We remain optimistic about our future and committed to our mutual success. We appreciate your understanding and professionalism.