Joe Pompeo at Capital New York just posted this piece on Out magazine’s decision to nix its current editorial staff. Although it sounds as if editor-in-chief Aaron Hicklin, pictured, has a plan, that can’t reassure a now-unemployed group of writers and editors. The goal is to rehire some of the team back under his new startup Grant Editorial. From Capital:

He said he plans to offer long-term contracts at Grand to “most” of his 12 editorial employees at Out. Should any of them take it, he said, the gig will come with flexible hours and the opportunity to work on other projects in the Grand stable, but not salaries or benefits.

Pompeo goes on to report that Hicklin has no outside investors and revenue will be project-based. Pompeo quotes Hicklin as saying this endeavor is innovative, whereas his laid off staff with a one-month severance are likely saying a couple of other words right now.

UPDATE: This statement just came to us from Here Media’s senior vice president and group publisher Joe Landry. Here Media is the sister company of Regent Entertainment Inc.that oversees Out.

“The media landscape is a rapidly evolving.  I’m confident that the model we’re utilizing will offer us the best opportunities to remain competitive. We continue to have complete confidence in Mr. Hicklin and his team, most of which will continue to work with him on the OUT brand as he adds new staffers to continue to grow and evolve the brand.”