BREAKING NEWS & VIEWS
Playboy Downsizes to ‘Brand Management Company’
Wednesday, June 30, 2010
Playboy Enterprises Inc. CEO Scott Flanders said in a statement, “Our goal is to transition Playboy to a brand management company and, in so doing, to more cost-effectively monetize our powerful brand and assets.”
As to what a “brand management” company is, in the May announcement of Playboy's Q1 2010 earnings, Flanders had elaborated that “our first priority is to outsource, partner or license those of our operations that can be more efficiently handled by other companies.” In Q1, PEI had reduced its net loss to $1 million from Q1 2009's loss of $13.7 million.
Playboy did not specify where the current cuts would be or the number of employees affected. Flanders went on to say “the downsizing announced today is not a reflection of our employees’ talents and work ethic, but rather due to the overall change in the company’s strategic direction.” As of March 31, 2010, Playboy Enterprises employed 573 people.
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