As part of its effort to cut costs by $20 million to $30 million in fiscal 2013, Scholastic executives told analysts on a conference call Thursday morning that the company has instituted a hiring freeze and will also reduce staffing levels in some areas.
Among the division where staff cuts will take place is book clubs, executives said. Company chairman Dick Robinson also said that Scholastic will not give out management bonuses for fiscal 2013. Other steps to reduce costs include cutting T&E and general expenses by 30% and finding other operational efficiencies.
In the second quarter, Scholastic reported a 10% drop in sales and 24% decline in revenue.
SOURCE: Publishers Weekly