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BREAKING NEWS & VIEWS
Playboy Downsizes to ‘Brand Management Company’Wednesday, June 30, 2010 After having outsourced much of its publishing operations in recent months, Playboy announced yesterday another stage in its reorganization effort. An undisclosed number of employees will be let go in order to save $3 million annually and “downsize” the company so that it focuses on licensing the Playboy brand. 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. If you have breaking news to share please contact min’s editors.
Friend Us on Facebook at www.facebook.com/minOnline. COMMENTS
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It is clear that all they have to sell is a pair of bunny ear logos. It reminds me of the company that sells images of dead movie stars.
Posted by George Argil on Wednesday, June 30, 2010 @ 05:15 PM
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