IDW Publishing: Furloughs, Due to COVID-19-Related Comics Industry Slowdown
IDW Publishing, home to several titles relevant to the Transformers fandom including Transformers (2019), Transformers: Galaxies and Transformers vs. The Terminator, unfortunately has furloughed several of its employees including Managing Editor Denton Tipton and Manager, Creative Development / Senior Editor Tom Waltz as a result of the on-going COVID-19 pandemic. Hit the break to read the full article! Be sure to check out our forums or you can join our discord by clicking on this invite link: https://discord.gg/ZnUQxya You can also follow us on Twitter via @AllsparkNews or join our Facebook group!
IDW Publishing has furloughed several staff members, attributing the decision to the comic industry’s “slowdown” as a result of the coronavirus pandemic.
“Due to the COVID-19 crisis and its impact on market conditions, IDW had to make the difficult decision to furlough several valued staff members beginning April 20th,” IDW Senior PR Manager Keith Davidsen told Newsarama. “The well-being of its staff is of the utmost importance to IDW. Thus, for those furloughed employees, the company will continue to make full health benefits available, with IDW covering 100% of eligible employee health premium costs through the planned end of the furlough.”
The company’s President/Publisher/Chief Creative Officer Chris Ryall added to that, saying it was a “heartbreaking” decision.
“The slowdown affecting the comics industry is heartbreaking in its own right, but it’s doubly so when it affects the hardworking and talented people who are so important to our efforts,” Ryall said. “We’re confident in the long-term health of the company, and will continue to lend support to staff members to the best of our ability.”
IDW declined to provide the number or identities of those furloughed, however recently-promoted Managing Editor Denton Tipton has stepped forward as among those affected. Tipton joined the company in 2008, after a previous career as a comic book retailer.
“Like so many others, I have been furloughed,” Tipton tweeted. “Fortunately, my family is in a good position to weather the storm and I have many good friends to support me. I’m very excited to use this time to work on personal projects. Looks like I’ll be a free agent for the next six weeks, but you can bet your N95 face masks that I’ll be making comics! And don’t hesitate to reach out if you’d like to make them with me.”
IDW Publishing’s parent company, IDW Media Holdings, is a publicly-traded company that has had a severe downturn in the past four months – going from its stock selling at $12.50/share on January 24, 2020 to selling at $4.75/share as of this publication.