Macmillan (parent company of Tor, Tor.com Publishing, St. Martin’s, and others) has instituted layoffs company-wide, reduced pay for some employees, and has frozen hiring effective April 2 in response to the projected impact of the coronavirus pandemic. The salary reductions are expected to last through June, and only impact those making more than $60,000 a year, with greater reductions for higher salaries; senior executives are on half pay, while others will see 20-30% reductions.
The Thomas Dunne imprint (founded 1986) will close, and its eponymous publisher will leave the company he joined in 1971.
Macmillan is the first of the Big Five publishers to announce such extensive cost-cutting measures, though other publishers have announced similar steps: Houghton Mifflin reduced many employees to a four-day week, Scholastic announced a hiring freeze and furloughs, and Skyhorse laid off some employees.
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