Last Wednesday, a great KABOOM was heard throughout the world of publishing. I shamelessly snagged these stats from Chip MacGregor's blog; a post he titled Black Wednesday
-Simon & Schuster cut 35 people (2% of its workforce).
-Thomas Nelson cut 54 people (10% of its workforce).
-Random House axed some of its top people and announced it is restructuring -- and will disband the Doubleday Publishing Group.
-It has been reported that Houghton Mifflin Harcourt has let go of several employees (the company doesn't comment on personnel matters). Becky Saletan, the publisher, has been let go.
-And Borders' stock price fell under one dollar. That's a very bad thing -- if their stock price stays under $1 for ninety days, they have to do a consolidation of stock (the opposite of a stock split).
I know a few writer's who have received word from their publishers saying, "You book has been cancelled".
Michael Hyatt blogged about the layoffs at Thomas Nelson (He is the CEO of Thomas Nelson. The comment section of that blog is a real Gong Show - 120 comments, most of them conciliatory, but some folks decided to digress into a rant about Twitter. Yes, you read that correctly, Twitter. Just bizarre how people allow small things to distract them from the things that matter. That was my rant for the day! Ta-da!)
But I want to point you to another blog, that of literary agent Rachelle Gardner who has assembled comments from five different agents (including my agent) who respond, from their perspective, to the events of the last few weeks. Great stuff in there. Hope you enjoy, and are encouraged.
We walk by faith, not by sight. (2 Cor 5:7).
I bid you good writing.