HarperCollins Is Cutting 5% of Its North American Workforce

In a memo to employees, HC CEO Brian Murray wrote that the sales surge the industry and HarperCollins experienced during the pandemic has "slowed significantly as of late." He pointed to problems at Amazon as the primary factor behind declines in sales and earnings in the quarter ended September 30, but noted that a hoped-for rebound has not occurred in the current quarter: "we must pause to recognize the depth of the core issues we currently face," he wrote, at what he described as "what he called "a critical juncture for the organization."