More layoffs at IDW this week

IDW underwent another round of layoffs today, The Beat has learned, with five people being let go. 

Kristin Simon, formerly Group Editor, Original Graphic Novels, Collected Editions & New Initiatives at IDW posted on FB that today was her last day:

Today was my last day at IDW. I’m officially job hunting, so hit me up if anyone knows of anything!

The Beat has learned that other layoffs include COO Amber Huerta, who was promoted to the position in last May’s reorganization of the company. Other cuts included personnel in the HR department and Entertainment. 

The layoffs follow special projects editor Scott Dunbier leaving the company, as announced earlier this week. 

Reached for comment, IDW sent this statement: 

IDW did make the tough but strategic decision to reduce five positions today.
This is part of a strategy to create a more efficient IDW, and one that will be better able to delight fans for years and years to come.
We are grateful for the years of commitment and hard work, and wish abundant success to those affected.

IDW has been in reorganization mode since last April, when it radically cut staff, and delisted its stock. As many as 40% of staff was let go in a mass zoom meeting in one day, including former publisher Nachie Marsham. Following this the company reorganized with Davidi Jonas as CEO, and Mark Doyle and Tara McCrillis as co-publishers. Last August they shut down their Originals line, an attempt to develop more IP controlled by the company. 

Despite this, it hasn’t all bad news at the publisher. IDW has the Teenage Mutant Ninja Turtles license and TMNT: The Last Ronin and its spin-offs has been one of the best selling comics in North America for the last two years. This January, IDW and Paramount renewed their licensing deal for the Turtles. Patrick Horvath’s Beneath The Trees Where Nobody Sees, an offbeat horror series, has been a surprise best-seller. And in 2024, IDW was poised to celebrate both their 25th anniversary and the Turtles’ 40th. 

Although the stock has been delisted, parent company IDW Holdings still files its numbers to the SEC. ICv2 reports that in Q4 IDW saw profits, although it had lost $4.9 million for the full fiscal year in 2023. 

Sales in the publishing segment were up year over year, to $26.6 million in fiscal 2023 from $25.8 million in fiscal 2022, largely due to growth in sales of Teenage Mutant Ninja Turtles: The Last Ronin.  Sales in the entertainment segment dropped to near zero: $64,000 in fiscal 2023, down from $10.3 million in fiscal 2022.  Company-wide revenues reflected the drop in entertainment sales, down to $26.7 million from $36.1 million in the previous year.  IDW has begun allocating more of its expenses to unallocated corporate expenses, making the losses by segment not comparable to the previous year.

All in all, it was not a great financial picture for the year. And now even more layoffs have come.