Meredith to shutter ReadyMade brand, cut positions
Meredith Corp. said it will record a special charge of approximately $10 million in its fiscal fourth quarter as it shuts down its ReadyMade magazine brand and cuts 75 positions companywide, including 20 in Des Moines. “Positioning Meredith for continued growth requires periodic realignment of resources, including how we deploy our work force,” Meredith Chairman and CEO Steve Lacy said in a release. “These actions will enable us to devote additional resources to key strategic growth initiatives, including digital platform expansion.” Meredith now expects fiscal 2011 full-year earnings per share to be at the higher end of its previously communicated $2.72 to $2.78 range. The company is expected to release its fiscal 2011 earnings on July 28.