Condé Nast CEO Chuck Townsend sent a note to staffers today announcing that the company had hired consulting company McKinsey & Co. to help the media company “develop new perspectives on optimizing our approach to business, growing revenues, and enhancing our brand assets.”
“The US economy has contracted at a rate not seen in 80 years, forcing companies across America to adjust to the reality of this major economic setback,” he said. “Our company and our brands have weathered this storm. However, we are not immune to the effects of the substantial revenue losses resulting from the deep and prolonged recession. Consequently, we must realign Condé Nast to be a successful business in an emerging economy that is now predicted to be painfully slow in recovering.”
The memo is pretty much corporate speak, so if you can decipher it for us, send us an email. We think it probably means more magazine closures and more layoffs at Condé are to come. According to Townsend, “All areas of Condé Nast will be included in the study.” Meaning, no one is safe.
Townsend’s full memo, after the jump.