In a move to restructure its operations amid unstable economic conditions, magazine publisher Time Inc. announced it will lay off up to 6 percent of staff, the Guardian reported Wednesday. Although none of its publications are expected to shut down, between 300 and 600 positions may be cut back.

“Industry conditions have been challenging due to the financial crisis, which has produced sharp decreases in advertising spending. This is expected to continue through most of 2009,” Time Inc. Chief Executive Ann Moore stated in a memo.

Moore added that the company, the largest magazine publisher in the world, is no longer able to operate “with the same decentralised management structure that served us so well during our many years of sustained growth.”

In the United States, Time Inc. will reorder its 24 U.S. magazines and Web sites into divisions based on similarities in audiences and advertisers. The restructure will also centralise ad sales and marketing for all titles, according to the Guardian.

Under its News division, Time Inc. will house Fortune, Time, Money and Sports Illustrated, while the Lifestyle section will include Real Simple, Cottage Living, Coastal Living and Southern Living. Meanwhile, the Style and Entertainment division will include People, InStyle and Entertainment Weekly, the Guardian reported.

Time Inc. currently employs 10,200 staff around the world, 7,000 of which are in the United States.