Week of Grim News for Book Industry
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• Thomas Nelson CEO Michael Hyatt announced layoffs at the religious publisher via his Twitter feed and blog (www.MichaelHyatt.com). In a post titled "The Recession Hits Home," Hyatt wrote, "Today was a very difficult day at Thomas Nelson. We informed 54 of our friends and co-workers (about 10 percent of our workforce) that we have eliminated their jobs, effective this Friday. This will affect nearly every department in our company." Hyatt continued that while he had assured employees as recently as Sept. 19 that another workforce reduction was not planned (in April, the publisher laid off slightly less than 10 percent of its workforce), "the final Sept. and Oct. sales reports changed that."
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