Major publisher HarperCollins posted a 20.6 percent revenue drop last quarter, with a $4 million operating loss.
According to Publishers Weekly, revenues fell by 17.8 percent over the last year. One of the most dramatic losses came in the third quarter, when the company posted a $30 million charge for the company’s massive layoffs and consolidation. During that shake-up, the company shuttered the Collins division and restructured the company.
Here’s more from the PW report: “In a brief written statement, CEO Brian Murray called fiscal 2009 ‘a challenging year.’ He said HC’s performance was hurt by the general decline in book sales, a decline in backlist reorders and the Anderson News bankruptcy.”