'Worst day' in the print industry? More bad news to come?

 Wednesday Dec. 3 might be the "Black Monday" of the epic 1929 stock market crash for the newspaper and publishing business.

Saying "Merry Christmas" to its workforce, the Gannett newspaper group axed nearly 1,000 workers at 26 papers. In New York, Simon & Schuster gave 35 workers pink slips, Random House announced mergers that sent several publishing pros packing and downgraded the august Doubleday imprint, the religion publisher Thomas Nelson cut 54 from its flock, at least eight more lost their jobs at the staggering Houghton Mifflin Harcourt and freezes in pay were posted at other houses.

A sign of the times: Holiday cards from publishers usually start arriving by now. None have turned up in the book department mailbox so far. I'll be charting the cards as my economic indicator for the trade.

Response to Patrick's comments: Check out the blog of Pat Holt, once book editor in San Francisco. She has the same thoughts, but you need to read 'way down after her National Book Award repartee.

 

 

Posted Dec 04 2008, 08:04 AM by Bob Hoover

Comments

PatrickM wrote re: 'Worst day' in the print industry? More bad news to come?
on Fri, Dec 5 2008 9:42 AM

Might it be time for the major publishing houses to start leaving New York?  Costs would surely be cheaper elsewhere.  I know that the lore of NYC and 'Publishing Row' and all that runs deep and strong, but if the literary community can't be inventive/creative about getting out of these various financial pits, who can?  

Just a thought.  It almost surely won't happen.