"The Source" Lays Off 14 Employees
"The cuts were made to improve the efficiency of our operations, and the quality of the magazine will in no way suffer," said Source president Jeremy Miller via a statement. "The readers will continue to see improvements in every new issue, as they have in the last few months."
As previously reported, the magazine has been rebuilding since David Mays and Raymond "Benzino" Scott were ousted this past January.
Though the mag is still one of the best-selling music magazines, it has suffered from its recent lack of ads. In a recent interview , Miller said that one of the top priorities was to draw ads back into the publication.
In its April issue, its second Mays and Benzino-free offering, The Source revealed that Mays allowed Zino to cash in millions from the company to pay for personal expenses, including studio time, videos and outside businesses.
The funds' mismanagement could possibly have led to The Source defaulting on an $18 million loan from Textron Financial Corp, its principal lender. Mays rencently filed for bankruptcy.