Playboy Enterprises says it plans to cut 30 jobs and reduce its annual programming and editorial by $4.5 million as part of new cost reduction plan.
In a statement, the company says that it will take a charge of 6 cents a share in restructuring costs as part of its move reduce costs. It also said it will report a loss of between 10 and 13 cents per share for the quarter ending June 30 when it issues its second quarter earnings report the week of Aug. 7.
Of the 30 positions to be cut, about half are vacant, the company says. Its unclear where the cuts will be made.
The company’s stock closed Wednesday at $9.75 per share with a 52-week high of $15.88 and a 52-week low of $8.90.
The company, is rebounding from years of continuing losses and is still struggling with its publishing and domestic television business. Analysts say the company is hurt in part because viewers are moving away from linear networks and toward video on demand where Playboy is weakest.
The company operates its flagship Playboy magazine as part of its publishing unit and also operates entertainment and licensing divisions.
