[Steeltrap]

Sorors who were not geeked about receiving Honey --no more. Copyright 2003 The New York Times Company
The New York Times

November 26, 2003, Wednesday, Late Edition - Final
SECTION: Section C; Page 8; Column 3;
Business/Financial Desk
LENGTH: 354 words
HEADLINE: Publisher to Close 3 Magazines Aimed At
Black Readers
BYLINE: By DAVID CARR
BODY:
Vanguarde Media Inc., publisher of Savoy, Honey and
Heart & Soul, announced yesterday that it would close
the magazines and seek bankruptcy protection.
The company was founded in 1999 by its chairman and
chief executive, Keith T. Clinkscales, a former chief
executive of Vibe magazine. In a statement, Mr.
Clinkscales said that the last few years had been
difficult for independent magazine companies.
"Today, Vanguarde Media regrets to announce a decision
to cease publication of Honey, Savoy and Heart & Soul
magazines," the statement read. "While this is no easy
decision for any of us, our most recent efforts at
securing funding proved unsuccessful, and we are no
longer able to sustain operations."
Mr. Clinkscales did not return a call seeking
additional comment.
Vanguarde Media's investors included Provender Capital
Group and Robert L. Johnson of Black Entertainment
Television.
"Vanguarde was building its business in a magazine
industry that has struggled with dramatically lower
advertising revenue due to the downturn in the
economy," Provender Capital said in a statement. "As
such, it was the fiduciary duty of the company's board
to support a decision to file for bankruptcy
protection."
The company focused on upscale black readers, most
recently by founding Savoy, a magazine aimed at black
men, in 2001. Savoy was designed to tap into an
emerging market of upper- and middle-class black men.
Heart & Soul was a health and beauty magazine for
black women.
A punishing advertising market and a historically
challenging environment for ethnically focused
publications left the company constantly searching for
additional financing.
"This has been a challenge from the beginning and it
is a testament to everyone involved that they made it
this far," said Roy S. Johnson, assistant managing
editor at Sports Illustrated and the former editorial
director of Savoy. Mr. Johnson left the company at the
end of last year. Last spring, Amy DuBois Barnett, the
editor of Honey, which focused on young black women,
left to become editor of Teen People.
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