Iconic women's lifestyle magazine Family Circle to shut down

After nearly 90 years in operation, the iconic women's lifestyle magazine Family Circle will shut down after its December issue, its publisher Meredith Corporation announced.

A newsstand staple since it was founded in 1932, Family Circle was acquired by Meredith in 2005. It currently has 4 million subscribers, according to Meredith.

Doug Olson, the president of Meredith magazines, said the company was able to "find new roles for some on the Family Circle team." Meredith's women's magazines catalog includes Better Homes & Gardens, Magnolia Journal, Real Simple, Martha Stewart Living and Southern Living.

“When we acquired the Time Inc. portfolio of media brands in January 2018, we doubled our presence in the women’s lifestyle category,” Olson said in a statement Wednesday.

“Our portfolio philosophy continues to emphasize investing in brands that are market leaders and/or possess the highest growth potential. Sometimes, that means making hard decisions," he added. "Fortunately, we have been able to find new roles for some of the Family Circle team, and I would like to thank the entire group for its hard work and wish those employees affected the best in future endeavors.”

News of FamilyCircle shuttering comes a day after Meredith announced it was launching a new magazine with "Property Brothers" stars Drew and Jonathan Scott that will hit newsstands in January 2020.