ST Alpha - "SITWAP: Playboy laying off workers. Not a euphemism." (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 151

SITWAP: Playboy laying off workers. Not a euphemism.

Posted by Qale (aka Qale) Oct 16 '08, 15:15

CHICAGO � Playboy Enterprises plans to cut 55 employees and eliminate 25 vacant positions.

The Chicago-based publishing and entertainment company made the announcement Wednesday in a Securities and Exchange Commission filing. Playboy chairman and chief executive Christie Hefner also sent a letter to workers Wednesday saying the troubled economy was to blame.

The company will also consolidate facilities and reduce travel and overtime, said Hefner, who is the daughter of founder Hugh Hefner.

In February, the company had 789 full-time employees. According to the filing, Playboy hopes to reduce costs by $12 million a year.

The company publishes the venerable Playboy magazine and has interests in television and clubs.

In August, it had reported a second-quarter loss of $2.1 million, or 6 cents per share, compared with a profit of $1.9 million, or 6 cents per share, in the second quarter of 2007.

Responses:

They still have clubs? -- nm - Mop Oct 16, 15:59 1
- I believe they have one in Vegas. -- nm - James Bond (aka Igor) Oct 16, 16:26
You know things are serious when the porn industry starts losing money. -- nm - sheba Oct 16, 15:18 2
- Playboy's business model went to hell in the 90's and Hef was too busy nailin' Playmates to notice it. -- nm - Name Withheld By Request Oct 16, 15:24 1
  - Hrm, I wonder what could have happened in the 90s that could have messed with their business model? - Beryllium Oct 16, 15:39

Post a message top

SITWAP: Playboy laying off workers. Not a euphemism.

Replies are disabled on threads older than 7 days.