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Ad slowdown culprit in layoffs at 'Fast Company'

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New York -- There was a round of layoffs late last month at Fast Company , the new economy magazine that was bought in December by Gruner + Jahr USA Publishing. The magazine on June 25 fired 10 staffers-seven from editorial and three from the magazine's live events group in response to slumping ad sales. David Carey, president-CEO of G+J's USA's Business Information Group, said in a statement that the moves were a "measured response to a difficult situation, one that responds to market realities without overreaching." Fast Company's year-to-date ad pages through June decreased 59% compared with the same period last year, while ad revenue fell 45%, according to the Publishers Information Bureau. The magazine is now taking on a series of cost-cutting measures to counter a soft economy, such as reducing travel expenses, eliminating free snacks and no longer footing the bill for expensive lunch meetings.
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