Worth Slashes 45 Percent of Workforce
Publisher Sandow Media eyes relaunch, relocation.
Sandow Media has eliminated roughly 45 percent of the workforce at New York City-based luxury wealth investment magazine Worth, reducing its staff from 18 to 8.
Citing an advertising decline, Sandow said it plans to relaunch the magazine and relocate it to it the company’s headquarters in Boca Raton, Florida, according to a Reuters news report.
Editorial, sales and marketing positions were affected by the cuts, the report said. Editor-in-chief Richard Bradley, who informed staffers of the layoffs on Tuesday, remains with the magazine.
According to its Web site, Worth carries a circulation of 100,000. A Sandow Media spokesperson could not be immediately reached for comment.
Early last year, Sandow purchased Worth from Robb Report publisher CurtCo Media for an undisclosed sum. Sandow was founded in 2002 and publishes New Beauty and Luxe magazines.