Puttin’ Off the Ritz: The New Austerity in Publishing
By MOTOKO RICH, New York Times, January 4, 2009

For decades the New York publishing world promised a romantic life of fancy lunches, sparkling parties, sophisticated banter and trips to spots like the Caribbean to pitch books to sales representatives. If the salaries were not exactly Wall Street caliber, well, they came with a milieu that mixed cultural swagger with pure Manhattan high life.

The London Book Fair in 2008. The London and Frankfurt fairs are ostensibly for deal-making, but also involve rounds of parties and dinners.

But that cushy schmooze fest seems to be winding down.
Just two weeks before announcing staff cuts and a substantial corporate restructuring in December, the publishing giant Macmillan gathered its sales and marketing staff at the historic Hotel del Coronado in San Diego — where Billy Wilder filmed Tony Curtis wooing Marilyn Monroe in “Some Like It Hot” — to talk about titles on the spring lists. Between marathon meetings to discuss plans for new books, the sales reps were invited to take part in wine tastings and spa treatments.

This year the meetings will be held via Webcam. In a memo to staff members announcing the layoffs on Dec. 15, John Sargent, chief executive of Macmillan, said the company would hold only one of its three annual sales conferences in person, and the other two would be conducted on the Web and by telephone.

Amid a relentless string of layoffs and pay-freeze announcements, book publishers are clamping down on some of the business’s most glittery and cozy traditions. Austerity measures are rippling throughout the industry as it confronts the worst retailing landscape in memory.

The full piece at NYT.