The cuts crossed various job functions and titles throughout the company and couldn’t be pinpointed to one particular area of the business, according to Time spokeswoman Ali Zelenko. "Unfortunately we had to eliminate approximately 250 positions a couple of weeks ago as part of an effort to not only cut costs, but to reallocate our assets and invest in areas of higher growth," Zelenko said. These areas include sales, marketing and research. On the bright side, the company plans to hire about 50 new staffers for its online operations. Time also announced this week that it would close its Canadian office.
These most recent cuts follow a series of staff reductions that began in December when 105 positions were slashed. Another 100 employees were let go in January of this year. As for any future layoffs, Zelenko says, "We will always continue to look at ways to run our business more efficiently and effectively, but we believe this covers the vast majority of job eliminations for the foreseeable future."