Consumer Reports is falling on hard times.

A tipster tells FishbowlNY that CR is facing a $7 million shortfall. We’re told that Consumer Reports needs to make 70 layoffs to make budget.

We told you earlier today that Yonkers-based Consumer Reports had announced plans for a major structuring. Among the initial changes, editorial director Kevin McKean, with the company since 2005, is out. His position was eliminated.

Consumer Reports has published a monthly magazine since 1936, aimed at helping the public make the best decisions about new products on the market. The magazine uses an in-house testing laboratory and survey research center.

Consumer Reports keeps its objectivity by not permitting advertising within the magazine.