Joanne Lipman ’83 is out of a job today as Conde Nast has announced that Portfolio, the fledgling business magazine for which she is editor, has been shuttered, effective immediately.

Portfolio made a splash when it launched in 2007 with Lipman, a former News editor who had been deputy managing editor for The Wall Street Journal, as its top editor.  But the magazine ultimately could not overcome the economic downturn, with advertising pages falling more than 50 percent in the first quarter of 2009.