NEW YORK - Vanguard Media, publisher of the urban magazines Honey, Heart & Soul and Savoy filed bankruptcy Tuesday and has ceased publishing after being unable to secure financing.
The December-January issues of the magazines will be the last.
Vanguard laid off about 70 editorial employees who were informed of the news at a 4 p.m. meeting on Tuesday.
In a phone interview, Vanguard's chairman-CEO, Keith Clinkscales said he was forced to file Chapter 11 due to a "fall-out" with investors.
Last year, Vanguard posted a significant loss in revenue of close to $6 million, which led to a strategic partnership with ZelnickMedia Corporation.
An announcement …
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