'Fortune Small Business' to close

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New York—Time Inc.'s Fortune Small Business is closing, a Time Inc. spokesperson confirmed Wednesday. The October issue will be FSB's last.

FSB is a controlled-circulation custom magazine that Time Inc. has produced for American Express Corp. The shuttering of the publication comes amid widespread layoffs at Time Inc., where about 500 job cuts are expected. Time Inc. parent Time Warner plans up to $100 million in restructuring costs at the magazine unit, which saw ad sales fall 22% in the third quarter, compared with the same period last year.

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