Portfolio Folds; 85 Lose Their Jobs

Conde Nast Portfolio has published its last issue.

The big, glossy magazine made a big splash when it launched in 2007 thanks to its enormous operating budget. But with ad pages falling 61% this quarter compared to the same time last year, apparently upper management decided to rethink the magazine’s fate.

Editor in chief Joanne Lipman told Portfolio blogger Jeff Bergovici that Conde Nast’s parent company’s the one that made the final call. “It’s not anything that the company wanted to do.”

“Essentially” all 85 staffers will be be leaving the company, a spokesperson confirmed to BusinessWeek.

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