"The Bookstop provided employees with a convenient shopping destination, but with the many nearby and online shops, employees now have many alternatives for purchasing cards, books, music and DVDs," the company said in a memo to all staffers.
Not part of cost cutting
A spokeswoman said the move was not part of the company's drive to cut unnecessary costs, which produced 289 job eliminations last week. "It's trying to find the best use," she said. "There really wasn't much traffic going through, significantly less in recent times. We're looking for employee suggestions for the space, from a yoga studio to a chess room to a bar."
Although workers at the Bookstop, which sells a mix of Time Warner merchandise and outside companies' goods, are Time Inc. employees, there are only a few of them. They will all be let go, the spokeswoman said.
One Time Inc. employee said she had never visited the store. "People are sad about it though," she said.
Until March 16, Time Inc.-ers can cheer themselves up with bargains available during the clearance sale.