Headed by Ruth Reichl since 1999, the good living and recipe magazine is published since January 1941.

The publishing company is also closing Modern Bride, Elegant Bride and Cookie, a parenting magazine. During the start of 2009, the publishing house has ceased publication of Portfolio, a business magazine, and Domino, a homes title.

According to the Associated Press, in a staff memo, Conde Nast CEO Charles Townsend said the closures were required “to navigate the company through the economic downturn and to position us to take advantage of coming opportunities.”

The Conde Nast family of publications also includes Fairchild Publications, a former competitor before it was bought by S.I. Newhouse Jr. Fairchild publishes many monthly magazines in addition to the specialized daily trade publication Women's Wear Daily.

In a memo to the staff, Conde Nast CEO has said the company would remain committed to Gourmet's book-publishing and television franchises and keep its recipes on Epicurious.com, said Associated Press.

Media sources claim that the cuts are part of a three-month study conducted by McKinsey & Company, which suggested the publishing company to cut about 25 percent of its budgets.

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