NEW YORK – Conde Nast is shuttering the business magazine Portfolio and its Web site, Portfolio.com, and laying off more than 80 people.
Portfolio launched in May 2007 as a glossy, high-end rival to business magazines such as Fortune, Forbes and BusinessWeek. Now the publisher says the May issue will be Portfolio’s last.
“The pressures and realities of the continuous deep economic slump have lowered Portfolio’s revenue projections below what is needed to continue publication,” Conde Nast Chief Executive Charles H. Townsend said in a statement.
Conde Nast has made other cuts across the company. Two months ago the publisher closed lifestyle magazine Domino.
Conde Nast, which also publishes such magazines as Vogue, The New Yorker and Wired, is a unit of privately held Advance Publications.