Although Time Inc. has said that it will not shutter any publications as part of the restructuring it is undergoing right now, FishbowlNY has learned exclusively that the magazine publisher has decided to close American Express-owned custom pub Fortune Small Business. A Time Inc. spokesperson confirmed that the magazine will no longer be produced by the company's Content Solutions division.

The magazine, which was sent directly to a group of one million Amex cardholders, just closed its last issue last week. A tipster also told FBNY one person lost their job as part of the closure. (See update below.)

Earlier this year, Time Inc. suspended publication of Time spin-of Style & Design and shuttered Southern Accents.

We're also starting to get some news trickling in of layoffs starting at Time Inc. A spy reports that 12 editorial staffers at Time and eight at People have been asked to volunteer to leave. (Check out the memo here) Know more? Drop us a line.

Update: The New York Times has found a document Time Inc. has filed with the New York State Department of Labor giving notice that it will cut 280 jobs between now and the end of January. This is fewer than the 400 to 500 that have previously been projected, but we'll see how it develops from here.

Another Update: Although earlier in the day we heard that only one person had been laid off in connection with FSB's closing, another tipster informed us later that the number could be as high as eleven -- a fact that the Times just reported, citing an unnamed Times Inc. exec. The new number includes five full-time employees and six hourly staffers, who produced content that was also published on CNNMoney.com, making up much of its small business content.

Earlier: Time Inc Layoffs: Sports Illustrated Hit First, More To Come