Pan Mac Australia parent company begins ‘cost-saving’ initiative; layoffs, wage cuts in US
In the US, Macmillan Publishers has laid off an undisclosed number of employees across all divisions, reports Publishers Weekly (PW).
The publisher has also temporarily reduced pay for select employees and implemented a hiring freeze. The move is part of a ‘larger cost-saving initiative’ by Macmillan parent company Holtzbrinck in response to the anticipated impact of the Covid-19 pandemic on its businesses.
Pan Macmillan Australia is also owned by Holtzbrinck. Books+Publishing has contacted the publisher for comment.
According to PW, salary reductions in the US will last through June, with those making US$60,000 a year or less unaffected by the salary cuts. Most senior executives will have their salaries reduced by 50% for the next three months.
Category: International news