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Both Penguin Random House US and HarperCollins US have announced job cuts, blaming increased costs and inflation. It is believed that PRH will lose up to 60 positions, while HarperCollins is to close its YA imprint Inkyard Press with an unspecified number of job losses.
In a letter to staff, PRH interim CEO Nihar Malaviya said: “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.”
HarperCollins said: “Harlequin Trade Publishing has made the difficult, strategic decision to close the Inkyard Press imprint and transition the titles to HarperCollins Children’s Books.
“Current market conditions have posed a variety of challenges for the business, which [have] been acutely felt in the YA/middle grade space, with a shifting retail landscape, reduced distribution, and higher production costs in a price-sensitive segment.
“Inkyard titles will benefit from the synergies and streamlined processes as part of a larger Children’s division.”