PW: U.S. Media Cuts Staff by 42%

U.S. Media Holdings laid off 32 employees, about 42% of its workforce of 76, last week. U.S. Media's properties include Stewart, Tabori & Chang, Golden Turtle and Smithmark. The cuts were made across the board and affected all departments.

A company spokesperson said that while ST&C and Golden Turtle were profitable in 1999, continuing losses at Smithmark have put a financial strain on the company. Smithmark has had difficulty competing in the highly competitive promotional book market, and Nancy Starr, associate publisher of Smithmark and Golden Turtle, was one of the people let go last week, as was Satish Dua, U.S. Media's chief financial officer.

The U.S. Media spokesperson said that all three businesses are continuing to operate and the company was hopeful that it will soon line up new financing.