Conde Nast CEO Chuck Townsend sent a heart-dropping-bad-feeling-in-the-pit-of-the-stomach memo to staffers outlining that Conde Nast needs to "develop new perspectives on optimizing our approach to business:"
"....we must realign Condé Nast to be a successful business in an emerging economy that is now predicted to be painfully slow in recovering.
This is a considerable and complicated task, forcing us to rethink the way we do business in many instances and incorporate efficiencies in every step of our process. Beginning this week, I am dedicating myself and a team of my colleagues to this project. We will work with consultants, including McKinsey & Company, to develop new perspectives on optimizing our approach to business, growing revenues, and enhancing our brand assets. All areas of Condé Nast will be included in the study."
This is a considerable and complicated task, forcing us to rethink the way we do business in many instances and incorporate efficiencies in every step of our process. Beginning this week, I am dedicating myself and a team of my colleagues to this project. We will work with consultants, including McKinsey & Company, to develop new perspectives on optimizing our approach to business, growing revenues, and enhancing our brand assets. All areas of Condé Nast will be included in the study."
- Wal-Mart: McKinsey argued that laying off senior employees was good business. Circuit City was then inspired to lay off 3400 workers!
- White & Case: Mega law firm. 70 layoffs.
- Cablevision: 80 layoffs at MSG.
- First Boston: Hired McKinsey to advise on rebranding and layoffs.
- NYC Schools: Instituted a hiring freeze
Don't say we didn't warn ya.......
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