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US Christian publisher has become the latest US publisher to cut jobs, making a second round of redundancies this year. Fifty-four jobs, about 10% of the workforce, are to go, effective this Friday.
Michael Hyatt, c.e.o. of the group said the departures would affect nearly every department in the
company, and put the blame on the economic crisis.
Writing on his blog, Hyatt said: "As recently as 19th September, I assured our employees that we were not planning another reduction in our workforce. It was not even a remote consideration. But the final September and October sales reports changed that. I don’t think I need to elaborate on the global
financial crisis. I’m not an economist, but I do know that whatever is happening has had a very adverse effect on retailers, including booksellers."