America, the Internet to Blame for Condé Nast Layoffs

Photo: Vogue

CEO Charles Townsend remarked, "We were looking for 30 percent [growth], and instead we're looking at 15 percent" on the company's digital side, but Web profits are "a fraction of our overall business." WWD notes, "He also said the anemic American economy was to blame for the soft end-of-year results."