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Presumably Macmillan think that dead tree paper shuffling is the thing that makes them money, only - and that if they can't do that, they are toast, so they are attempting to drag out their shortish term survival...
And also that they are not capable of increasing the overall market for books going forward.
With their attitude, of course, they definitely are not capable, so as a whole the publishing industry is long-term better off without management with no vision, strategy or ability.
It would be pretty funny if what killed them was actually digital recalcitrance because their competitors were more advanced in this arena so capital flowed their way and they survived while Macmillan expired.
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