This morning McGraw-Hill announced they laid off 375 employees in the fourth quarter of 2008. In all, the company reduced its workforce by 1,045 employees last year.

According to the company's release, the educational division was hit hardest, losing 215 jobs. Before taxes, the restructuring charges for the company's 2008 consolidation totaled more than $73.4 million.

In a statement, CEO Harold McGraw III had this to say: "The actions we are announcing today are a continuation of these efforts and will help us continue to manage the company efficiently through a difficult environment while taking all necessary steps to better serve our customers and shareholders." (Via Sarah Weinman)