11/17/2008 05:12 am ET | Updated May 25, 2011

Hearst Cancels Holiday Party

Turns out the belt-tightening at Hearst hasn't stopped with the closing of CosmoGIRL!. Now comes word that plans for the company-wide holiday party are shelved. For years, Hearst treated staffers to a lavish catered affair at Tavern on the Green. But with the magazine business on the skids, Hearst cut costs last season by celebrating in the atrium of its new Norman Foster-designed tower (one staffer griped about food running out). Now even an in-house party seems excessive during the economic meltdown. A spokesperson says she hopes "employees will understand our recent decision to forgo a company-wide holiday party this year."

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