Chicago – Playboy Enterprises on Wednesday announced a
restructuring that will see it downsize and lay off an undisclosed number of
"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," said Playboy CEO Scott Flanders said.
"As we proceed through
this transformation, we are aggressively looking for opportunities to
streamline our operations, consolidate functions and reduce overhead expense."
The company will take a restructuring charge of about $3 million in the second
quarter of 2010, but said it believes the restructuring will save it more than
$3 million annually.