Houghton Mifflin Harcourt Publishing is restructuring its K-12 textbook division, after suspending the purchase of manuscripts by its consumer book-publishing division. Several hundred of the firm's 5,300 full-time employees are expected to lose their jobs.
CEO Tony Lucki says the publishing firm is not seeking a buyer, but industry watchers believe the consumer group, which has shed several executives, may be for sale.
Albert Greco of the Fordham Graduate School of Business forecasts that the Houghton Mifflin Harcourt textbook business will generate about $2.31 billion in revenue this year, up 2.8% from last year.
Boston-based Houghton Mifflin is a leading educational publisher in the United States. It publishes textbooks, instructional technology materials, assessments, reference works, and fiction and non-fiction for both young readers and adults.
