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17/08/2001
Dot.com publisher suspends publication
The Industry Standard, the publication which chronicled the rise and fall of internet stocks, is to suspend publication of its weekly magazine and lay off the majority of its staff.
The journal will officially suspend publication on Monday August 19 with only 15 of the 180 staff retaining their jobs to update the website. The publisher Standard Media is reportedly seeking a buyer.
The US based was founded in 1997 and quickly became the fastest growing magazine in American history with more than 350 pages an issue. However, as dot.com companies started to go bust so did the Standard's advertising sales and subscriptions.
The magazine eventually began to shrink, levelling out to just 80 pages this year as annual advertising revenue dropped by over 70 per cent.
The publications first round of layoffs occurred in January, followed by another in February.
It is believed that employees have been paid this week's wages, however most of them have been forced to take leave. (MB)
The journal will officially suspend publication on Monday August 19 with only 15 of the 180 staff retaining their jobs to update the website. The publisher Standard Media is reportedly seeking a buyer.
The US based was founded in 1997 and quickly became the fastest growing magazine in American history with more than 350 pages an issue. However, as dot.com companies started to go bust so did the Standard's advertising sales and subscriptions.
The magazine eventually began to shrink, levelling out to just 80 pages this year as annual advertising revenue dropped by over 70 per cent.
The publications first round of layoffs occurred in January, followed by another in February.
It is believed that employees have been paid this week's wages, however most of them have been forced to take leave. (MB)
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
