B-to-B Publisher Cuts Another Seven Percent

Reed Business Information is reducing its staff another seven percent this week, though the company has yet to release an exactly number of employees let go. This is the b-to-b’s second round of layoffs in three months.
Folio reports an RBI spokesperson as saying the cuts were “in response to economic conditions that continue to be unfavorable.” Affected employees will receive “severance benefits according to company policy.”
In January the company let go seven percent of its staff and instituted a company wide salary and hiring freeze. The company is now considering instituting a mandatory unpaid leave and other cost-cutting options if the down turn in revenue persist.
According to a company wide memo issued by RBI CEO Tad Smith “quarterly forecast for the full year and the revenue outlook [that] continues to concern us.” Smith said Reed’s financial projections are “worse than our already conservative expectations for 2009.”
Earlier this year Reed also shuttered fourteen of its titles.

Publish date: April 15, 2009 https://stage.adweek.com/digital/b-to-b-publisher-cuts-another-seven-percent/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT