Not Picture-Perfect: Abrams Lays Off Two Dozen

By Calvin Reid and Jim Milliot, PW NewsLine -- Publishers Weekly, 11/15/2001

Abrams confirms that two senior execs, publisher Mark Magowan, and COO Alan Rutsky, have been let go, along with as many as 25 employees. Paul Gottlieb, who served for a long time as president and publisher of Abrams, will remain vice-chairman of the La Martiniere Group of Paris, parent company of Abrams.

Herve de la Martinere, chairman of the La Martiniere Group, is in New York today to address the situation at the company. He told us he will name a new CEO in three months; in the interim, heads of departments will run the company. Abrams, according to de la Martiniere, is "not meeting financial goals" and is "having a difficult time." He did not comment on whether titles would be cut. He says the change is meant to bring "new dynamic and creativity."