New York, Dec 15: Adult entertainment magazine publisher Playboy Enterprises, has cut down 14 per cent of its workforce to save costs. The Company has also reported to have identified India as a key target for its geographic expansion. Other regions where the New York Stock Exchange-listed firm is targeting to expand its presence include China and Latin America.
In an investor presentation, it said that as part of measures to cut costs in "corporate and other overhead, the company has slashed its headcount by 14 per cent," in addition to which finance, HR and IT staffing have also been reduced.
Besides, the publisher has also reduced compensation and discretionary expenses and is expecting annual savings of around five million dollars from all these moves. The firm has initiated steps to save as much as seven million dollars in publishing and entertainment.
The moves include "outsourced functions, shut down non-performing business, reduced marketing and editorial spending," the presentation showed.
Last week, Playboy Enterprises' Chairman and Chief Executive Christie Hefner announced that she would be stepping down as CEO on January 31.