G+J Germany lowers profit forecast
The magazine publisher Gruner+Jahr has lowered its profit expectations for Germany. The lowering of its long-term return targets for the coming years is due to the overall economic situation, G+J Germany CEO Bernd Buchholz told Horizent.net.
The magazine publisher Gruner+Jahr has lowered its profit expectations for Germany. The lowering of its long-term return targets for the coming years is due to the overall economic situation, G+J Germany CEO Bernd Buchholz told Horizent.net.
The magazine publisher's current cost-cutting plans include the dismissal of 110 editors from "Capital", "Impulse" and "Börse Online" and the closure of the locations of these magazines. A new central editorial office for business topics is to be set up in Hamburg. The society magazine Park Avenue will also be discontinued from January next year. The magazine's turnover should have tripled in the coming years. Buchholz went on to say that he had lost faith in this in view of the economic crisis.
The internal redundancies are now being negotiated as part of social plans. According to Buchholz, there can be no talk of a harsh approach. The conditions of their severance agreements and social plans are significantly fairer than at other media companies.
The magazine publisher's current cost-cutting plans include the dismissal of 110 editors from "Capital", "Impulse" and "Börse Online" and the closure of the locations of these magazines. A new central editorial office for business topics is to be set up in Hamburg. The society magazine Park Avenue will also be discontinued from January next year. The magazine's turnover should have tripled in the coming years. Buchholz went on to say that he had lost faith in this in view of the economic crisis.
The internal redundancies are now being negotiated as part of social plans. According to Buchholz, there can be no talk of a harsh approach. The conditions of their severance agreements and social plans are significantly fairer than at other media companies.
