Julia Raphaely, CEO at Associated Media Publishing (AMP), issued a statement on Thursday announcing the closure of AMP. Her announcement was met with shock and sadness by readers, as well as by fellow colleagues in the publishing industry which has been hit hard by advertisers reducing their budgets during the COVID-19 pandemic.
Writing on LinkedIn, Raphaely – whose mother Jane Raphaely had launched the company in 1982 – said: “The most difficult day in my entire business life so far. 😢”
She said the company will cease trading and publishing all its magazine titles from Friday 1 May. AMP’s magazines include Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels.
Apart from a reduction in ad revenue, the company was also unable to generate income by hosting events “for the foreseeable future” under current social distancing and lockdown restrictions.