Why is the industry imploding today?

[penmage]

Why is the publishing industry imploding today? WTF?

Editor J called us all in for a mandatory closed-door meeting in his office on ten minutes notice, and told us that Rick Richter, the president of S&S Children's Books, is resigning, effective Friday. He wanted to tell us before we heard in the 11am press release.

But that's not all. Our publisher was also fired. So were 34 other people, all in adult. The PW alert calls it "what has to be one of the grimmest days in publishing in recent years."

We're supposed to have a new president by year end--which is to say, within three weeks. And who knows what will happen when that person starts?

Another PW alert today announced a major restructuring at Random House. Yesterday, Becky Saletin, a publisher at Houghton Mifflin Harcourt, stepped down. And last week, Houghton Mifflin Harcourt announced a new policy in which they are no longer acquiring manuscripts, which is the most fucked-up thing I can imagine a publishing house doing.

I can't be the only publishing person freaking out here, right guys? WTF? Seriously?

Comments

[g33kgrrl]

Wow. I was kind of hoping it was more the "doing-of-coke off of a toaster" firings and not "layoffs because the economy sucks" firings, but - yeah, looks like the latter. :( Glad to hear your position is probably safe, though (using words like probably means no jinxing!).