Bad News Hits HarperCollins
Quote: The publisher of such authors as Nobel laureate Doris Lessing, Oprah Winfrey favorite David Wroblewski and Newbery prize winner Neil Gaiman has closed and dispersed the Collins division, which specializes in nonfiction books, and laid off a “small percentage” of employees.
“Over the last several months, the unstable economy has had a significant impact on businesses and consumer spending,” HarperCollins CEO Brian Murray wrote in a company memo sent Tuesday. “Our industry is not immune to these market forces, and there is increasing pressure on us, along with our retail and wholesale partners, to adjust.”
No house appears immune to the economic crisis that is intensifying the dysfunction of the publishing industry. The extraordinarily bad news is that the people let go are the top in the game, the ones with the most (and best) experience. How do you rebuild with a bunch of newbies and graduates?
So Misguided.
(Source: Thanks Travis)