The GFC Hits

Quick Sunday link to a Sydney Morning Herald post – apparently book publishers aren’t immune to the current financial woes:

The US book industry couldn’t escape the economic downturn. Gloomy reports include cuts of 240 jobs at Borders bookstores, 115 at Thomas Nelson publishers (20 per cent of staff), 110 at Scholastic and a 2 per cent cut at Simon & Schuster; pay freezes at HarperCollins and Pearson (owner of Penguin); a halt to new book acquisitions at Houghton Mifflin Harcourt, with talk of enormous debt, and a possible sale of the adult trade division.

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