While the current economic downturn is affecting publishing too, Scholastic may be faring a little better than most. As part of their efforts to cut costs, the company offered early retirement to employees aged 50 or more with at least 10 years experience at the company. They were a bit surprised to find so many accepting the offer, but about 110 Scholastic employee will be leaving the company.
Scholastic is also laying off a small number of people, but a company spokesperson told Publishers Weekly they don’t expect any broad scale personnel cuts, since the buyout is so successful, and the company is implementing other cost-cutting measures.
Scholastic had 6,500 full-time US employees, and 2,400 in other countires, on the 31 May close of its fiscal year.