The Tennessean covers the folding of Cumberland House as Sourcebooks takes over rights to almost a hundred titles and absorbs three out of 20 employees. Sourcebooks owner Dominique Raccah tells the local Daily Herald “There’s a lot of opportunity in this market, but maybe I’m the only one who thinks that.” She adds, “We think this is a great environment for growth.” That paper says Raccah “has been in talks with three companies” about further acquisitions and is “also planning to hire three more employees, a salesperson in the Naperville office and acquisition editors in the company’s New York and […]
Finance
More Cuts at Random House
In the ongoing restructuring at Random House, Inc., additional positions have been eliminated at the Doubleday and Broadway imprints. We were told by one person of at least 6 job cuts, including four people from the art department and one from marketing. Crain’s asserts “22 positions were eliminated from the former Doubleday Broadway,” only citing “industry sources.” Spokesman David Drake confirmed for us “that a number of position across various functional areas have been eliminated and that these changes are a consequence of the restructuring at Random House that was announced two weeks ago.” He declined to address the number […]
Galassi On the Changes at FSG
Since news of companywide cutbacks and reorganization at Macmillan began to spread, the Observer has pursued a singular focus on what the changes mean for Farrar, Straus. Today they reproduce a memo sent by publisher Jonathan Galassi to staff yesterday afternoon. In addition to “reduc[ing] staff in certain areas,” he describes “a plan that will reduce FSG’s cost structure and help us to be more efficient in what everyone recognizes is an extraordinarily difficult environment. In some areas, we will rely more on the existing Macmillan infrastructure than we have up to now, to achieve greater effectiveness in an increasingly […]
Now that Quercus Has Sold New Shares, They Revise Guidance
Citing “exceptionally challenging recent market conditions,” the UK’s Quercus warned thatsales and profits for 2008 will fall below expectations. Trade book sales will range between 6 million and 6.5 million pounds, with what had been slim profits to begin with evaporating to breakeven for the whole group (including steady contract publishing sales of 4 million to 4.3 million pounds). The company says “a significant program of cost-cutting has been implemented, including a reduction in current staff costs and a review of the company’s future staffing requirements. Quercus just completed raising 1.75 million pounds in a share offer after they were […]
Layoffs at Macmillan; Farley to Head Single Children's Division
A restructuring throughout Macmillan USA eliminates 64 positions from throughout the company’s imprints and divisions (including cuts at their college business, central services for the whole company, and Scientific American magazine), representing about four percent of staff in all. CEO John Sargent writes in the memo, “Going forward we are tightening our belts in response to the current recession, but we are also reorganizing and rethinking our business to position ourselves for the long term.” He tells the NYT, “Book sales are markedly slower this Christmas than they were last Christmas. This is a recognition of the times that we […]
Sourcebooks Takes Over Cumberland House Assets
Sourcebooks announced this morning it has acquired “certain assets” of Nashville-based Cumberland House, best known as the publisher of Gregory Lang’s Why a Daughter Needs a Dad series of gift books, said to have sold more over 3 million copies. Sourcebooks publisher Dominque Raccah says “the addition of Cumberland House provides us with the opportunity to add a remarkably talented publisher to our team as well as significantly expanding our gift and regional titles.” Cumberland will remain as an independent imprint, and founder Ron Pitkin joins Sourcebooks as executive acquisitions editor. Sourcebooks is acquiring approximately 90 backlist and forthcoming titles. […]