NatMag to axe 15 per cent of staff

The National Magazine Company, publisher of Cosmpolitan, Company and Men’s Health, is to make up to 100 people redundant as its restructures in the face of worsening economic conditions.

The publisher, owned by Hearst Corporation, will lose appoximately 15 per cent of its head count across the whole business.

Chief executive Duncan Edwards (pictured) says, “These are the worst conditions that we have faced in my twenty years at NatMag and the impact to the revenue side of our business is largely outside of our control. We are therefore acting now to reduce the cost base of the business to enable us to get through this period in the best shape we can.

“ It is a matter of enormous regret that we will be parting company with so many colleagues and we will do everything we can to minimise the redundancies and to ensure that those that do go are treated well.”

Edwards has just been promoted to president and chief executive of Hearst Magazines International. He replaces George J Green, who is retiring at the end of June.