McGraw-Hill Companies, Inc. revealed that they laid-off 550 employees in a second quarter restructuring, with 340 of the job cuts coming from McGraw-Hill Education.

The company reported a $24.3 million "restructuring charge" for the second quarter of 2009, mostly accounting for "employee severance costs." According to the release, many of these Education cuts "were related to the steps taken to support the segment's new PreK-12 organization." The other cuts were 85 employees in Financial Services and 125 in Information & Media.

CEO Harold McGraw III had this statement: "Our prudent fiscal management, cost controls and diverse portfolio of businesses have enabled The McGraw-Hill Companies to maintain its financial strength and profitability during the downturn ... Skilled and educated workforces, access to capital, and high-quality business information are all essential to global economic recovery." (Via FishBowlNY)