Warfield's, a glossy, twice-monthly business magazine, will hit the newsstands in Baltimore for the last time tomorrow after five years of publication.
Edwin Warfield 4th, publisher of the magazine, said yesterday the magazine will be replaced starting Jan. 10 with a new weekly newspaper called Warfield's Business Record.
The tabloid-size paper will be a complement to Warfield's other publication, the Daily Record.
"Changing economic times call for a different approach, and in a never-ending quest to serve the local business community, we thought it time for something new," Warfield said.
It was the only comment Warfield would make about the financial condition of the magazine.
The magazine has a paid circulation of 3,500, he said.
Warfield's featured profiles of Maryland business leaders and coverage of real estate and financial issues.
The new publication will offer breaking stories and analysis and will publish every Friday.
The magazine is not completely dead. It will appear two times a year focusing on special issues.
As a result of the magazine's folding, Warfield said, he laid off three editors, a production staff worker and one sales person. Other free-lance people were told of the demise of the magazine yesterday.
Peter Yuill, who was a regular contributing illustrator, said he got a call telling him the magazine was being folded.
"We never got any indication that the magazine was in trouble other than off-handed comments, but those type of comments happen often when you are in a high-risk business," said Yuill.
A $36 million lawsuit aganist Warfield's by Baltimore Oriole owner Eli S. Jacobs was charged that the magazine libeled him in an Aug. 7 article that alleged he had financial difficulties and linked him to convicted junk bond dealer Michael Milken.
Jacobs' lawyer, William J. Murphy, said the settlement includes a written apology from the publisher that will appear in the last issue of the magazine. He would not say whether any the settlement also included monetary compensation.
Last spring, Warfield doubled the issues of the magazine by going from a monthly to publishing twice a month. Warfield said at the time he wanted to emulate such business magazines as Forbes and Fortune by producing more timely news.
The new format was also intended to appeal to advertisers who want to reach readers in the middle of the month, such as local universities and colleges offering continuing education courses and banks that want to advertise rates.
Part of the change in format included using Daily Record reporters to do news reports in the magazine, Warfield said.
Stories for the new Warfield's Business Record will be generated by Daily Record reporters, according to Robert A. Dawson, associate publisher for the Daily Record Co. The new publication will have between 24 and 56 pages, he said.