How’s this for recession chic? Hachette Filipacchi, the French publisher of Elle and Woman’s Day, may leave its posh six-floor Midtown office and slum it — in the less fashionable financial district, the New York Post reports.

If the move comes about, the company will be vacating a storied building at 1633 Broadway, where it’s been operating since the late 1980s and where John F. Kennedy Jr. once launched George magazine. The space reportedly costs over $10 million a year in rent.

A major overhaul of its U.S. women’s magazines is already in the works. This week, Hachette Filipacchi unveiled a move to divide its titles under three “chief brand officers.”

Alain Lemarchand, who stepped in for outgoing U.S. CEO Jack Kliger last year, has drawn up a series of tighter budgets in recent months, laying off a half-dozen receptionists at its Broadway office.

Earlier this week, he denied industry rumors that he and other executives were prepping Elle for a sale.

Wherever it lands, the company can always rely on tips from Elle Décor — 10 Easy Steps to Spruce Up Your Squat?