News & Scoops

2009 May 4

Classy Condé!

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(NEW YORK) Portfolio has shuttered, but its former staffers have a few reasons to smile. The Daily has learned that laid-off employees of the Condé Nast title benefitted from the company's compliance with the WARN Act, as they were given sixty days paid "notice" as well as severance payments proportional to each individual's tenure with the company. Unused vacation days were also compensated. These terms applied only to full-time staffers, as contract employees were compensated according to terms dictated in their original contracts. Although rumors continue to swirl about the next title in S.I. Newhouse's stable to go the way of Men's Vogue, Domino and now Portfolio, staffers at 4 Times Square are reassured about one thing--at least the layoffs are flush.

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