"It is very difficult to close a magazine, particularly when it means that some of our colleagues' positions will be affected," President-CEO Jack Kliger said in a statement. "The current economic environment is difficult, and the mid-market home sector has been particularly hard-hit. When the middle market recovers, we will consider future publication of Home using the special interest publication newsstand model."
Ad sales disappoint
Home was redesigned in spring 2007 amid the declines in ad pages it was already experiencing. The changes didn't help enough. The magazine ran 321.6 ad pages from January through September, a whopping 28.7% decline from the equivalent period a year earlier, according to the Media Industry Newsletter. Circulation held about steady in the latest report to the Audit Bureau of Circulations, which showed Home down 0.2% at 828,630.
But Home is only the latest magazine to fall before the combined onslaught of the housing debacle, the economic downturn and rising competition for readers and advertisers. Conde Nast shut down Golf for Women in July and closed House & Garden last November. Hearst shuttered Quick & Simple in July.
Hachette getting new CEO
Mr. Kliger, who will be succeeded as CEO by Alain Lemarchand on Sept. 1, has overseen his share of shutdowns at Hachette as well. Premiere, Elle Girl and Shock all stopped printing on his watch.
Olivia Monjo, Home's VP-editor in chief since last September, died on May 11. No successor was named.