A correspondent sends some information from Bath, including copies of staff emails send by the Blessed Stevie and Mark Wood, the UK CEO. More snippets to follow, but Private Frazer was particularly taken with this from Mark’s email to staff on the 15th
As today’s announcement from Stevie shows, the US print business is currently facing far tougher challenges than the UK. But the measures we are taking here are in response to the fact that sales of UK print magazines on newsstand, our largest single revenue source, have also seen significant decline (around 10% year-on-year). We simply have to take action on our costs and our structure in response.
Note the happy correlation between a 10% fall in newsstand and a 10% axing, sorry, recalibration, of staff levels