It’s been clear for months that it will be a not-so-merry holiday season for publishers, but at least one house has gone so far as to halt acquisitions. PW has learned that Houghton Mifflin Harcourt has asked its editors to stop buying books.
... a number of agents said they have never heard of a publisher going so far as to instruct its editors to stop acquiring. “I’ve been in the business a long time and at a couple of houses I worked at, when things were bad, we were asked to cut back,” said agent Jonathon Lazear. “But I’ve never heard of anything so public.” Lazear added that, in the past two weeks, business has been more “sluggish” than it had been all year. Another agent who had also heard about the no-acquisitions policy at HMH called the move “very scary” and said it's indicative of an industry climate worse than any he’s ever seen.
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