Relaunched to sell: MediaLife.com is reporting that Honey and Savoy magazines, published by Vanguarde Media which is currently under Chapter 11 bankruptcy protection, are set to resume publishing while being sold.
Keith Clinkscales, Vanguarde’s founder and chairman, won’t be part of the reorganization but will pursue his own independent bid for the company’s assets.
Clinkscales, who co-founded Vibe magazine before starting Vanguarde in 1999, says the magazines were approaching the breakeven point when he was forced to shut them down.
“We just ran out of runway,” he says. “Each was fairly close to being marginally profitable. We had good support from the ad community. We just couldn’t close the cost gap quickly enough to get ourselves to profitability.”
Indeed, unlike so many titles that have folded over the past three years, Vanguarde’s magazines had been gaining, not losing, advertising.
Fortunately, potential investors will have access to real due diligence, not answers to reporter’s questions.