In the final quarter of 2008, sales at HarperCollins dropped 25 percent, decreasing from $406 million one year before to $305 million during the same quarter in 2008.
These gloomy numbers arrived on the heels of a voluntary retirement program proposed by the company at the end of January. As reported, spokesperson Erin Crum said she “wouldn’t rule out the possibility of layoffs down the line.”
Here’s more from Publishers Weekly: “This is HC’s second consecutive weak quarter and at the midpoint of its fiscal year earnings are down 75%, to $26 million, with revenue off 16%, to $620 million. In a release, parent company News Corp. attributed the poor performance to a weak retail environment and difficult comparisons to a strong showing in the fourth quarter of 2007.”