PETALING JAYA: Magazine publisher Blu Inc Media Sdn Bhd, the company behind well-known household magazines such as CLEO, Cosmopolitan, Her World, EH! and Female, has shut down starting today (April 30).
In a letter to the employees sighted by theSun, CEO Datin Azliza Tajuddin explained that the business has already been under a tremendous challenge from digital disruption over the past few years.
While it has made increasing investments to build its digital capabilities, it remains unclear if Blu Inc Media has gained sufficient traction while the losses continue to increase, she said.
“With the current Movement Control Order to contain Covid-19, the losses continued even more for the months of March and April, and this trend is expected to continue for the next few months. It is uncertain that we will be able to see any light at the end of the tunnel,” she said, adding that the decision was made by the board of directors with a heavy heart.
Azliza has appointed Jolston Ng and Faizal Hadi as general managers, together with Shireen Goh, Bowen Tee and Connie Lee of the accounts department, as well as Habibah Muhammad of the human resource team to assist with “the unfortunate and painful process”.
All employees, except for these few individuals, will be contacted separately regarding their status of employment soon.
“We thank you for your service to Blue Inc Media and wish you all the best in your future endeavours,” she said in the letter.