HarperCollins US cut “a small number of positions” due to slowing industry sales and rising costs, reports Weekly editors.
In a memo to employees, CEO Brian Murphy said the job cuts came as “leaders across the company implemented changes to certain team structures.” HarperCollins US is also reducing non-essential travel and expenses and “suspending the majority of hiring for vacant positions.”
“Balancing our future success with the current business environment is never an easy task, but it’s especially challenging in a climate with so much uncertainty,” Murray wrote. “With continued cost pressures in all areas of the supply chain and continued uncertainty over the remainder of the fiscal year, we need to control costs and operate as efficiently as possible.”
In August, HarperCollins announced that its worldwide revenue had increased by 10% in the year ended June 30, but its profit, which was affected by rising manufacturing and transportation costs, problems persistent supply chain and inflationary pressures, rose only 1%.
Category: International news
