NEWTON, Mass. (AP) _ Cahners Business Information is planning to lay off 300 employees, or about 7 percent of its work force, and may move its headquarters to New York as part of a reorganization intended to improve profits.
Cahners, a subsidiary of the British-Dutch media giant Reed Elsevier PLC, publishes Variety and 127 other trade publications as well as more than 140 Web sites. The Newton-based company has more than 4,800 employees.
As part of a broad, cost-cutting strategy announced last week, Cahners is planning to consolidate its real estate holdings, which stretch as far west as Denver and include offices in Chicago, New York, Philadelphia and Radnor, Pa.
``It’s very expensive to have so many different locations,″ said Margaret Pantridge, a Cahners spokeswoman.
Cahners chief executive officer, Bruce Barnet, plans to move his office to New York, but the company is reviewing other locations for its headquarters, Pantridge told The Boston Globe.
The company’s revenues dropped by 2 percent in the first six months of 1999, to $442 million, compared to the same period the previous year.
Paul Richardson, senior vice president of Reed Elsevier, blamed the revenue decline on turmoil _ largely due to the Asian financial crisis _ that has hit some of Cahners’ biggest advertisers, particularly in the manufacturing and semiconductor industries.