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Thursday, December 4, 2008

Simon & Schuster trims staff

More alarming news from the Wall Street fallout -- Lay-offs at Simon & Schuster

According to Publisher's Lunch a memo from the CEO of the publishing house, which in the past has enjoyed huge sales (after paying huge advances) of books written by such glittering stars as Mary Higgins Clark and Stephen King, announces that Simon & Schuster has "enacted a reduction in staff in which 35 positions across the company were eliminated, from areas including our publishing divisions and international, operations and sales.

"Despite having "literally examined our budget line-by-line to find those areas large and small where we might further economize," Reidy goes on, "today's action is an unavoidable acknowledgment of the current bookselling marketplace and what may very well be a prolonged period of economic instability. In light of this uncertainty, we must responsibly position ourselves for challenges both near term and long."

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