Five percent of Houghton Mifflin Harcourt’s employees (166 people) agreed to take part in a voluntary early retirement incentive program. The offer was open to all US employees age 55 or up with at least five years at the company (about 18% of employees qualified). Most left effective September 4, 2020. The cost of the incentives is around $13.5 million, and should save HMH 17 or 18 million dollars per year. Those employees who remain are off furlough, working five days a week, and salary reductions have ended.
Australian publisher Hardie Grant bought out their partner Egmont and are renaming their children’s division Hardie Grant Children’s Publishing. The line “will now move to expand its current offices in Melbourne and Sydney and add presence in London and San Francisco.”
HarperCollins UK purchased Egmont UK earlier this year.
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