PennySaver Going Out Of Business

BREA, Calif. (AP) — Employees of PennySaver say the coupon magazine is going out of business.

KCBS-TV reports hundreds of workers at the publication's Southern California office were laid off on Friday after they met their weekly deadline.

No one at PennySaver could be reached for comment on Saturday, but the station said a sign at the office in Brea said "Sorry folks, we are longer in business."

One of the workers, Luann Benton, said employees did not receive any notice.

For more than 50 years the PennySaver magazine appeared in mailboxes across California. Last month, the magazine stopped mailing coupons to residents in San Diego and the San Francisco Bay Area.

Company CEO Ron Myers said in March the magazine was shifting its strategy and would focus on growing its digital business.