PORTLAND – Powell’s Books announced the layoffs of eight managers Thursday.
The layoffs are a "reorganization of its corporate management structure as part of a continued effort by the company to respond to the rapidly changing book industry," an email from CEO Ann Smith said.
The announcement notes that readers' "consumer behavior - how, where, and what people read - has changed dramatically, and at an unprecedented rate," with smart phones and mobile devices like Kindle and iPad.
With the planned retirement of Smith as CEO, Emily Powell - daughter of the store's founder Michael Powell - will become President and CEO.
“This is a difficult and painful time for Powell’s. The managers who were laid off today will be greatly missed,” Powell said.
Powell had announced previous layoffs and cost-cutting measures in February.
Powell’s has operated as an independent bookseller in Portland since 1971, with four general bookstores and one specialty store. The flagship store occupies an entire city block. In all, Powells has a total inventory of roughly four million new, used and rare books.
