Black Wednesday saw three of the largest U.S. publishers announce massive layoffs and restructuring, and it seems there will be no end to these types of changes as the economy continues to spiral downward.
Macmillan, which publishes authors like Thomas Friedman and Janet Evanovich, is cutting 64 jobs — just under four percent of its work force.
From the Associated Press:
“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,” Macmillan CEO John Sargent wrote in a company memo, a copy of which was obtained Monday by The Associated Press.
In a move he said the publisher had been looking into for months, Macmillan will combine its seven children’s companies into a single division, the Macmillan Children’s Publishing Group, effective Jan. 1. Macmillan also plans reductions through a “centralized business and production group for its adult and children’s publishing companies,” according to the memo.
The Associated Press also reports that Macmillan’s presence at BookExpo America will be reduced, while the use of digital technology will increase in an effort to cut costs.