Publishers Weekly confirmed reports that Perseus Books Group cut around 20 employees last week. In addition, the publisher will release about 100 fewer titles in 2010.
The cuts affected three percent of the company’s total workforce, and the company plans “a furlough program and executive pay cuts” this summer.
While Perseus did not respond to GallyCat’s request for comment, the PW article notes that Perseus president David Steinberger wrote a letter to employees explaining “it has become clear that we need to take additional steps now in order to be financially prudent and pursue opportunities to grow.”