In the magazine industry, Condé Nast has suffered the most this year. And within Condé Nast, Portfolio is at absolute rock bottom. It's getting damned hard to see how the magazine survives.

First quarter revenue for the title is off 60 percent, the Post's Keith Kelly writes, worse even than Wired (57 percent) and well above the group's overall decline of 30 percent. Condé "should have cut back 20 percent when they cut back five," a rival executive tells Kelly.

But they didn't — who's that we hear darkly chuckling at Gawker HQ? — so now there is talk of layoffs.

Portfolio has thus far escaped the fate of less costly magazines like Domino, Men's Vogue and DNR. Launch editor Joanne Lipman remains in place, despite bizarre coverage decisions and reports of diva-like spending habits. But like the companies her magazine covers, she will not be able to ignore economic reality forever. And a sixty percent sales decline is quite an iceberg to maneuver around.