The slow recovery from economic crisis does not help the two international magazines to bounce back from failure after they decide to finally close down their operation in the Philippines
The Philippine edition of Marie Claire and Seventeen magazines will close down after suffering from poor advertisements.
According to JG Summit Publishing head Liza Gokongwei-Cheng, The JG Summit Publication the distributor and creator of Marie Claire and Seventeen magazines in the country decided to finally close its Philippine operation.
There are two main reasons why the JG summit decided to close down their two female magazines.
First is that these important magazines have escalating clauses as far as profit sharing is concerned. Second, advertisers are pickier these days, particularly since FHM magazine has a humongous market share and everybody else has to fight for whatever’s left.
Seventeen and Marie Claire crews will either be lay-off or transfer into other departments. The company promised to give the initial payment and benefits according to law to those who will be laid-offs.
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