IDW PUBLISHING LAYOFFS | On the Verge of Collapse

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IDW Publishing Former Employees Speak About Redundancies
via Bleedingcool.com

Yesterday, Bleeding Cool reported on IDW Publishing letting a number of employees go, permanently. After Bleeding Cool posted the article, two former employees who we had named took to social media, to elaborate on their current position.

Former IDW Managing Editor, Denton Tipton tweeted

Hope this finds you and your family healthy and safe. As some of you may know, I've been on furlough for the past month. Since word has begun to leak, I'm making it public that I will not return to IDW Publishing. Ted Adams hired me at IDW in 2008 as one of the first dozen or so employees. I'm proud of the accomplishments we achieved together, but most of all I cherish the friendships made with my collaborators, whether co-worker, creator, studio head, brand manager, or anyone in-between. After 12 years of making comics, I'm not about to stop. I've kept very busy over the past several weeks and am very excited for the opportunities that continue to present themselves. In the meantime, how can I help you? Need advice? Need a referral? Need a reference checked? Looking for collaborators? DM me. I'll help in any way possible. Stay safe!

Yesterday, confirming the news, IDW Publishing told us,

In April, IDW made the difficult decision to furlough several valued staff members, and two weeks ago, IDW welcomed several of those staffers back full-time. However, as we continue to adapt and deal with these challenging times, we have been forced to lay-off some of our longtime co-workers and friends. Although tough decisions like this are an unfortunate business reality and there is never a good time for them, these changes are necessary to ensure the long-term health of the company.

IDW PUBLISHING LOST $800,000 IN FISCAL Q4, $5.2 MILLION FOR THE YEAR
via ICv2.com

DW Media Holdings continued its large-scale losses in its fiscal Q4 ended October 31, capping off a year of increased sales and declining losses, the company announced on Thursday.

IDW Publishing, which includes comics, graphic novels, and games, lost $800,000 in fiscal Q4 and $5.2 million for the year on flat sales in Q4 ($5.8 million) and declining sales for the year. The $800,000 loss for publishing was flat with fiscal Q4 2018, but the earlier part of the year was tough; the $5.2 million publishing loss for the year was up substantially from the $3.4 million loss in fiscal 2018.

Plans for the year include an effort to move IDW from pink sheets to a major exchange and another capital raise. The company is also promising a turnaround, and a return to profitability in all divisions in fiscal 2021, according to CEO Howard Jonas. It’s likely the turnaround will not be without pain, as the company warned that "IDW may incur restructuring expense in FY 2020 as it seeks to attain consistently profitable operations in each of its three operating divisions."

Netflix renews Locke & Key, cancels October Faction and V-Wars
via geekspin.co

Locke & Key is coming back for another season!

Netflix on Monday has renewed the supernatural horror drama for a second season. While the streaming service didn’t release any viewership data, Netflix vice president of originals Brian Wright said in a statement that the series based on the IDW comic by Joe Hill and Gabriel Rodriguez has “captivated audiences around the world at every twist and turn.”

While Locke & Key will live for another season, its fellow IDW-produced series V-Wars and October Faction will no longer move forward, as both series have been canceled by Netflix. V-Wars and October Faction both ran for one season each after launching on December 5th and January 23rd respectively.

#idw #idwpublishing #tmnt

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