June 25 – July 2, 2009 Edition

Perseus Cuts Staff and Title Output

NEW YORK, NY/Authorlink News/06/23/09–Perseus Books Group this week laid off about 20 staff members (about 3% of its workforce) and plans to trim its 2010 list down by about 100 titles. Perseus president David Steinberger sent a letter to employees last week saying efforts to reduce costs, which included a pay freeze, have not been enough. He said additional steps were needed to “be financially prudent and pursue opportunities to grow.” Most of the job cuts came in publishing operations. While the company intends to cut title output, it will not axe any subject areas.

Also, employees will be asked to take off additional work days, and take pay cuts for the rest of the summer. Senior executives have also been asked to take compensation cuts. The actions hopefully will curtail any additional layoffs.

While the severe recession makes it vital that the company take immediate action, Steinberger said he is optimistic about the long-term prospect for publishing and the company.