Thursday, December 11, 2008


Tate Publishing is experiencing unprecedented growth. We are so thrilled to have this kind of progressive corporate success at a time when others are cutting back and declining. We have just been informed by Ingram Wholesalers, the world's largest wholesale bookseller that we are the fastest growing publisher they have and that we are #17 in sales. We have never seen more submissions and are adding new staff in all departments. Growth is everywhere for which we are grateful. Royalties are climbing to authors and Tate Publishing remains debt free.

Recent new articles tell a different story around the industry. For instance:

-Simon & Schuster cut 2% of its total workforce.

-Michael Hyatt announced that Thomas Nelson is cutting 10% of its workforce.

-Random House axed some of its top people and announced it is restructuring--and will disband the Doubleday Publishing Group.

-It has been reported that Houghton Mifflin Harcourt has let go of several employees (the company doesn't comment on personnel matters). Becky Saletan, the publisher, has been let go.

-Borders' stock price fell under one dollar. That's a very bad thing--if their stock price stays under $1 for ninety days, they have to do a consolidation of stock (the opposite of a stock split).

-Doubleday reported that The Gargoyle, a first novel for which it paid $1.25 million in advances, flopped, selling 34,000 copies.

-Penguin Group chairman and CEO John Makinson there will be no pay raises this year. He said he cannot guarantee there will be no job losses or layoffs in the coming year.

-Macmillan US Chief John Sargent set a pay freeze for all employees.

-Chronicle Books laid off 5% of it's staff last Monday.

I hate to see this happening but for those few authors who are signed with Tate Publishing, and for our incredible staff of dozens and dozens of fine professionals we are grateful for our growth which is a result of our hard work and the hard work of our fine authors. We are planning for a banner year in 2009.

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