Layoffs are rumored to be happening in Pearson this month and next month. Any news on this. With the drop in sales does anyone thing Cenage will have layoffs in the coming weeks/months. And solid evidence?
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Cengage defined the Ed-Tech space and our competitors don’t even know how they will enter the space, let alone compete with us. Unlimited has been an unmitigated success and although revenue is down activations are up 500%. We have stayed true to our ethos and are accomplishing our mission of saving students money!
We will not let Pearson lead us in reorgs and layoffs. Your managers and the Executive Team are working hard to see that this doesn’t happen. Many Cengage employees will soon embrace our credo and become their own CEO.
The earnings call should be coming up soon. Pearson North American Courseware sales were down 13% last year. Its hard to believe that our numbers will be much better.
We will also take an EBITDA hit because our reporting in October took into account that salaries had been cut 20% (which made our numbers look better than they really were) and the effects of reinstating them will be felt on this report.
We're not close to a bottom yet. You either need to recongize it and be good with it, or look for something else.