Covid-19 'kills' Cosmopolitan publisher founded in 1982
Covid-19 has plunged a dagger into the heart of magazine publisher Associated Media, CEO Julia Raphaely said on Thursday.
Raphaely — daughter of Jane Raphaely, who founded the company in Cape Town in 1982 — said the company would cease trading on Friday.
Its magazine stable comprises Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels.
In a statement announcing the company's closure, Julia Raphaely said after taking the reins from her mother she had set out to transform Associated Media to meet the challenges the entire publishing industry faced.
“Although every effort was made to achieve this, the unexpected and devastating impact of Covid-19 ... has made it impossible to continue trading, despite large amounts of personal funds having gone into [Associated]," she said.
The lockdown had closed printing and distribution channels, halted advertising spend and made it impossible to host events for the foreseeable future, she said.
“This is the most difficult decision I have ever had to make,” said Raphaely. “For the last 38 years, [Associated] has been one of SA's leading publishers, and our titles have been part of many people's lives.
“It's a big blow for magazine media brands in SA, as they hold a special place in our country. We never thought this day would come, but we are left with no choice.”
Raphaely said she was “trying to minimise the negative financial implications this terrible outcome will cause to creditors and staff”.
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