McGraw-Hill Cuts Staff: New York-based McGraw-Hill Inc.,...

McGraw-Hill Cuts Staff: New York-based McGraw-Hill Inc., the publishing and information services company, announced sweeping layoffs and a restructuring. It plans to eliminate 1,000 jobs, a 7.3% reduction. In addition, it hopes to streamline operations by shifting from a structure of three operating firms to two. The cost of the layoffs, a writedown of assets and the costs associated with closing its general book division will result in a $220-million charge to fourth-quarter earnings, McGraw-Hill said.