This is not good news. Houghton Mifflin Harcourt, a publishing group with a literary legacy dating back to 1832, is temporarily not buying new manuscripts, and apparently no longer accepting submissions from either agents or individual writers.
What does this mean? It’s difficult to tell. Browsing online sources (including Houghton Mifflin’s oblique website), I quickly got caught in amazing accounts of the history carried by today’s Houghton Mifflin Harcourt, whose previous permutations and acquisitions include Harcourt Brace, Harcourt Brace and Javonovich, Henry Holt, Holt Rinehart and Winston, Houghton Mifflin and even the legendary Ticknor and Fields, which was merged into Houghton Mifflin in 1880. (No, not 1980. 1880.)
Books these publishers have been responsible for include Thoreau’s Walden, Sinclair Lewis’s Main Street and Orwell’s 1984. So is this company “too literary to fail”? I doubt that. I can’t possibly guess as to the business implications of today’s dramatic announcement, but the fact that a major publishing firm is closing its doors even temporarily is obviously bad news for writers, publishers, booksellers, agents and pretty much everybody else. Ironically, as we’ve pointed out here on LitKicks often, books remain a highly profitable business every year (current code word: “Twilight“), but our top executives don’t seem to be doing a good job of keeping the financials under control even with all that money (yes, money) floating around.
You know, sometimes the book game reminds me of the bank game. I just had to say that again.
Anyway, this is especially galling to me because, as I told you many months ago, I am trying to sell a book. I finished a proposal this summer — an absolutely kickass proposal for a non-fiction book on a popular topic — and a top literary agent (who I am very proud to have representing me) began approaching publishers with the proposal in August. This agent, who appears to be a man of few words, delivered a status report to me recently which wasn’t what I wanted to hear. The email contained two sentences:
not a lot of reaction to it. but i will keep trying.
I know this will be a great book and I seriously expect it to sell a hundred thousand copies, so I find this very frustrating (though I realize that it’s only been three months and I am glad that my agent is still trying). But with companies like Houghton Mifflin Harcourt slamming their windows shut and going into fetal positions, even temporarily, I am that much more depressed about my chances.
Whether we are publishing professionals, writers or readers, these business developments will affect all our lives and the lives of our children just as much as developments in the inexcusably mismanaged financial markets will. I think we’d all better pay extra close attention to the publishing industry in the next few weeks. (If you need a starting place, here’s one.) Let’s just hope we can get through the holiday season with no more dominoes falling.