Vanguarde Media Inc., Black magazine publisher, files for bankruptcy

Jet, Dec 15, 2003

Vanguarde Media Inc., publisher of Honey, Heart & Soul and Savoy magazines, announced it would end publication of the magazines with its January issues and seek bankruptcy protection.

"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," Chairman and Chief Executive Officer Keith T. Clinkscales said. "Our decision is in no way indicative of the phenomenal strength of the urban media marketplace."

It laid off about 70 editorial employees at JET press time and will file for bankruptcy in New York.

Honey, aimed at young Black women, and Heart & Soul, which focused on health and beauty, had monthly circulations of 400,000. The Black men's magazine Savoy reached 325,000, according to the company.

Clinkscales, the former CEO of VIBE magazine, founded Vanguarde in 1999, and bought Emerge, Heart & Soul and BET Weekend magazines, from Black Entertainment Television. The company also bought Honey magazine from Harris Publications.

Vanguarde's investors included New York-based Provender Capital Group, LLC, and BET founder Robert Johnson.

In a statement, Provender said it was disappointed by the company's demise, "as Vanguarde represented a unique opportunity to reach the African-American and urban reader."