Plum TV: Large Layoffs and Major Restructuring UPDATED
Just days after the resignation of CEO Jerry Powers, it seems Plum TV is headed for an uncertain future. Plum airs luxury lifestyle coverage on cable networks in a few high-end markets across America, including Miami Beach, Nantucket, and Aspen, and recently launched magazines in Miami and the Hamptons. The network now confirms significant layoffs. While the TV channels will continue operating, publication of the magazines has been suspended. Update
According to sources, employees at the Miami Beach office were told this morning about the layoffs -- their email accounts would be shut down by noon. Only core staff members, such as accountants and human resources personnel, were keep their jobs.
"Plum is significantly restructuring its business," spokesman Robbie Vorhaus says.
That restructuring includes significant staff reductions, though Vorhaus could not say how many employees were let go.
While the TV channels will continue operating throughout the fall, the September issue of Plum Miami magazine has been canceled. Plum Hamptons magazine has ceased publication for the season, but Vorhaus says development of an Aspen edition of the mag is still on track.
Though Powers's departure last week was originally spun as being a result of his own financial issues, he told Jose Lambient last Friday that Plum's financial problems caused the surprise exit. "After I started, the board gave us $4 million," Powers said. "But they didn't tell me about the $6.7 million in unpaid bills. The board put in another $5 million this year, and that ran out two weeks ago. On Thursday, the board refused more funding."
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