NEW YORK (Reuters) - Hearst Corp. on Friday said it will stop publishing its magazines SHOP Etc. and Weekend, saying that they failed to meet performance metrics the company set for them.
Hearst, one of the largest U.S. magazine publishers, said that SHOP Etc. will cease after its October issue and Weekend after its September issue.
The company also cited challenging economic conditions, a tough newsstand environment and rising paper and postal costs.
Magazine newsstand sales fell more than 4 percent for the six months ended June 30, 2006, compared with the same period last year, according to preliminary publishing data released last Monday by the Audit Bureau of Circulations.
A Hearst spokesman declined to say how many employees will be affected by the closings, but said Hearst will try to place staff members in other positions in the company.
The announcement follows the closure of several other print magazine titles by Lagardere's (CGEP.PA: Quote, Profile, Research) Hachette Filipacchi Media, privately-held Conde Nast and Time Warner Inc.'s (TWX.N: Quote, Profile, Research) Time Inc.
Hachette and Time Inc. both canceled print titles aimed at teenaged girls but continue to feature them on the Internet.
