PRH Layoffs

Penguin Random House announced company-wide layoffs this week, with an estaimed 60 people impacted. Nihar Malaviya, the interim CEO, wrote:

We are halfway through 2023, and while the book market has grown, particularly over recent years, we have also faced significantly increased costs in all areas across the board, and we expect these increases, as well as inflation, to continue. We have been taking various actions over the last months to adapt our business to these market realities, and I’m sad to share the news that yesterday some of our colleagues across the company were informed that their roles will be eliminated…. We long sought to avoid these actions, but unfortunately could not do so. This was the hardest decision I have had to make as a leader.

Employees received “a notice period of nearly two and a half months.”

The cuts are part of a series of cost-saving measures started earlier this year, including early retirement offers made to longstanding employees in May. With the combined layoffs and voluntary separation offers, about 100 employees are leaving the company.

For more, see the story in Publishers Weekly.

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