Future Publishing continues restructuring, lays off 55
Future Publishing's transition from a print to digital business affected another 55 employees today at the company. The layoffs impacted several departments, including games art and editorial. There is no indication at this time that the layoffs will include shuttering any of Future's brands, which include GamesRadar, CVG, Edge and official magazines for consoles.
"Where revenues are declining we simply have no option but to look at reducing costs. In July we began a recruitment freeze and we decided to defer the annual pay review," Future CEO Mark Wood wrote in a memo to staff. "We have been reducing staff numbers by not replacing vacancies and minimizing unnecessary external costs such as travel."
He continued, "These changes are a necessary part of the continuing transition of our business. We must ensure our operations are in the best possible shape for the long term success of Future, and I know that the issues involved are well understood around the business."
The layoffs continue years of restructuring for the company, which included the departure of its CEO and CFO in 2011, along with a merging of US and UK operations. Last year, the company began cutting US operations, which concluded the year with the closure of legacy magazine Nintendo Power.
