McGraw-Hill Cuts 550 Jobs as Part of Restructuring (Update1) -
Bloomberg.com: "By Greg Bensinger
July 16 (Bloomberg) -- McGraw-Hill Cos. is cutting 550 jobs, or about 2.5 percent of its workforce, as part of a restructuring of its education division.
The New York-based company said in a statement today it will record a $24.3 million pretax charge in its second-quarter results, mostly because of severance costs.
“The majority of this has been completed already and the remaining affected employees will be notified in the coming months,” said Steven Weiss, a McGraw-Hill spokesman, in an interview."
Thursday, July 16, 2009
McGraw is a very good company judging by their record of dividends. No doubt they see the handwriting on the wall for K-12 Textbooks. It's just about right sizing. It's still an open question if they can turn the ship all the way around before other first movers eat their lunch. It will be interesting to watch.
at 9:34 AM