June
3
TOKYOPOP restructures, cuts jobs
Rumors abounded at Book Expo this past weekend about the financial state of manga publisher TOKYOPOP, and now ICV2.com reports the company is spinnig off its film and digital units from its publishing operation, which will reduce its publishing output for the rest of the year by half and cut 39 jobs.
The report quotes CEO Stu Levy as saying: "The time is now for us to focus our publishing business to overcome current market challenges. Few releases will allow for less cannibalization at retail."
The big question is whether this is a problem specific to TOKYOPOP, a result of manga glut that will affect all publishers, and/or the state of the overall economy.
It's sounding like TOKYOPOP isn't alone in facing some choppy financial waters, as writer D.J. Coffman reports on his personal blog he's suspending his Hero by Night series due to financial problems at his publisher, Platinum Studios. Coffman makes it clear that the decision is his, but the implication is that Platinum may have some problems. Coffman also says he's talking with Platinum about reclaiming the rights to the comic series.
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I was one of the 39 laid off, to say the least, it was one of the most unprofessional and downright humiliating things I have ever seen a corporation do in my lifetime. Tokyopop has no sense of professional responsibility, fiscal responsibility, or ethics whatsoever. They gave no warning and no support to any of the employees laid off, just a goodbye and good luck, and in some cases after years of dedicated service. Totally unprofessional, knowing the way the company is run I can only imagine that they won't be around for much longer, too bad for all their fans who hold them in such high esteem. Even worse for all of us who had hoped they had more compassion for their employees than they showed us yesterday.
Posted by: Ian | June 04, 2008 at 11:20 AM
Well I don't want to say it's good to hear this report, but it's good to hear people reporting on this sad news. This blog and an interview in Variety was part of an argument I made a while back about Levy not being a good publisher.
After hearing a number of comments from the man, I really.. well.. I simply can't stand the jerk. His politics about publishing and comics are pretty opposite from what I think. I think he comes across as a self centered jackass who's not looking out for his company or the field of comics and manga. He belongs in a rock band, not a book publishing company.
I feel bad for those, like Ian here, who were fired. As before, despite the (mis)management, I still want to support TokyoPop for the creators and people still aboard. Yet I can't help but be extra critical about the jerks steering the boat.
Posted by: Xenos | June 11, 2008 at 10:19 PM