Condé Nast announced it was laying off around 100 employees in the US and another 100 will be furloughed. Others will be placed on reduced working hours. In a memo out today, Condé Nast CEO, Roger Lynch, wrote the company is providing severance packages and job-placement resources to employees who are getting laid off. The company will be covering the cost of healthcare premiums for furloughed staffers.
“Today, we are taking additional cost savings actions that are specific to our U.S. teams,” Lynch wrote. “These steps will result in just under one hundred team members in the US leaving Condé Nast, and a similar number of people in roles that can’t effectively work during this period being temporarily furloughed. There will also be a handful of people with reduced work schedules. These decisions are never easy, and not something I ever take lightly.”
The company has already enacted cost-saving measures such as pay cuts of 10% to 20% for those earning at least $100,000 per year and a 50% salary reduction for Lynch and outside board members. Artistic director Anna Wintour is said to have taken a 20% salary cut.
Condé Nast employs around 2,700 staffers in the US and 6,000 globally. The company publishes Vogue, The New Yorker, GQ, Vanity Fair, Wired, Architectural Digest (AD), and Condé Nast Traveler.
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