Huge staff cuts for Viz Media

Leading English language manga publisher Viz Media has laid off 60 employees and closed its New York office.

A total of 55 jobs were eliminated from its San Francisco office on top of the five employees who worked in New York, reports Publishers Weekly.

The layoffs represent about 40% of the company's workforce.

Viz said In a statement that it is "restructuring to adjust to changing industry and financial market realities" and "had to refine its workforce by eliminating certain positions and making cuts in other areas".

The firm added: "We are of course saddened by these departures... we feel confident that with these changes, Viz Media will be more streamlined and able to withstand the climate of the economy at this time."

After years of booming sales, the manga market has seen a decline in the last two years.

Viz Media let go of a reported 12 to15 employees in February 2009.