Playboy to Further Downsize Operation

CHICAGO—Playboy today announced that it was cutting more staff in an effort to save the operation millions annually.

Playboy CEO Scott Flanders said in a conference call that the company would save more than $3 million per year by slashing jobs and reducing overhead. The company has cut close to 100 jobs since last year. reports that the cuts will come from the “high-ranking, highly-paid corporate executive” ranks.

“The downsizing announced today is not a reflection of our employees' talents and work ethic,” Flanders said, “but rather due to the overall change in the company's strategic direction.”

That strategic direction includes continuing to transition Playboy from a media company to a licensing outfit looking to slap the ubiquitous bunny-eared logo onto as many consumer goods as possible.

"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,” Flanders said. “As we proceed through this transformation, we are aggressively looking for opportunities to streamline our operations, consolidate functions and reduce overhead expense.”

Last month, Playboy reported that the company’s overall revenues declined 10.8 percent from the first quarter of this year compared to the same quarter last year.