Playboy Cuts Jobs

What You Should Have Read, Oct. 16, 2008

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Playboy cuts jobs

Crain's Chicago Business reports that Playboy Enterprise eliminated 80 jobs and warned of a third-quarter loss as a worsening economy forces the entertainment company to make deeper expense cuts than originally anticipated. The Chicago-based media company notified employees Wednesday that it will trim $12 million from expenses instead of the $10 million it said it would just two months ago, according to a document filed with the U.S. Securities and Exchange Commission. In the memo, CEO Christie Hefner blamed "current economic and media conditions," advertisers shifting to "other platforms," as well as higher costs for paper, ink and other expenses.
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