As part of a company wide cost-cutting drive, Tower Records will close down the chain’s Pulse magazine after its December issue. The West Sacramento, CA-based company also eliminated 82 positions.
With a circulation of 280,000 nationwide, Pulse employed 19, including VP of publishing Mike Farrace, all of whom have been laid off. The company says the magazine was no longer attracting enough
advertising to justify the cost of publishing the store’s own title. “One of our key strategic initiatives as we move forward is cost-containment,” said Tower Records’ president Michael Solomon. In
September, parent MTS Inc. named Betsy Burton CEO and charged her with turning around the struggling music retail chain. For the fiscal year that ended in July, Tower Records had a net loss of $90.3
million.
