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 […]
Finance
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. […]
EUK to Liquidate
As predicted, the bankrupt UK wholesaler EUK has failed to find a quick buyer for what it is basically an unsustainable basis and bankruptcy administrator Deloitte announced today that “700 employees have today been made redundant.” The business will “continue to operate with a reduced workforce of 375 employees” while they try to extract whatever small value they can from the company. “Whilst we will continue to consider offers for the sale of the business as a going concern, we will now focus on realizing value from the company’s assets.” That will likely increase the efforts to sell Bertram’s–which is […]
Perseus Adds Pay Freeze
Perseus ceo David Steinberger wrote to employees today about “steps we feel we need to take right now” as the company, while “successful, is also being affected by the economic downturn.” He announces “several temporary across the board steps that we feel are the fairest way to go.” The company is “suspending” annual pay increases and matching contributions to pension accounts, and will hold open all positions that are not currently filled. Steinberger adds, “We feel we need to takes these steps now, while making sure that we don’t interfere with our plans to grow the company over the long […]
Layoffs at Chronicle
Chronicle Books reduced its staff by five percent on Monday, citing the economic environment and a planned cutback in new adult titles for 2010. The company’s children’s book line is growing, PW reports, though backlist sales have been in steady decline.
It's Official: Reed Can't Sell Magazines
After nearly a year of trying almost anything to get someone to take their magazine unit, Reed Elsevier announced “it has terminated discussions with potential bidders,” saying the board “has judged it not possible to structure a transaction on acceptable terms at this time.” Keith Jones, who had run RBI UK, will serve as ceo. Reed reaffirms that it has no long-term interest in business, saying the company’s strategy “remains to divest RBI in the medium term when conditions are more favorable.”Announcement