Cosmopolitan's Associated Media Publishing to shut down
JOHANNESBURG - Associated Media Publishing announced that they will be closing its doors permanently.
AMP CEO Julia Raphaely announced that the company will cease trading, and publishing its magazine titles, from Friday, 1 May 2020.
AMP published Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels. The company was launched in 1982 by Jane Raphaely.
Her daughter Julia took over the helm during the last decade, transforming the company to meet the challenges the entire publishing industry faced.
AMP said in a statement, "Although every effort was made to achieve this, the unexpected and devastating impact of Covid-19, causing the closure of printing and distribution channels, the global halt on advertising spend as well as the inability to host events for the foreseeable future, have made it impossible to continue trading, despite large amounts of personal funds having gone into AMP. “This is the most difficult decision I have ever had to make.”
“For the last 38 years, AMP has been one of South Africa’s leading publishers and our titles have been part of many people’s lives. It's a big blow for magazine media brands in South Africa as they hold a special place in our country. We never thought this day would come, but we are left with no choice.” Julia expressed her great sadness at the distress the decision would cause," Raphaely said.
“We have a wonderful team of talented employees, as well as loyal suppliers and clients who will be affected. They have all been a valued part of AMP’s journey.” She added that AMP is incredibly proud of the magazine media brands it has cultivated over nearly four decades of business.
“We are forever grateful to the people who have been involved and helped to build important media platforms and inspire millions of people across the country.” When asked what’s next, Julia commented that “The future of many industries is uncertain. AMP is currently dealing exclusively with trying to minimize the negative financial implications this terrible outcome will cause to creditors and staff.”
BUSINESS REPORT ONLINE