By Ryan Clark | January 09, 2009
WWE® Reduces Staff by 10% World Wrestling Entertainment® today announced a 10% reduction of its staff across all areas of its global operations. This reduction will result in annual savings of approximately $8 Million in compensation and benefit costs. Additionally, the Company will incur an approximate $3 Million one-time restructuring charge in the first quarter of 2009. The staff reduction is consistent with the Company's previous commitment to implement stronger cost controls, increase earnings and margins, and reduce its cost base by $20 million in 2009.
In addition to staffing, the Company has completed a comprehensive evaluation of its operating and capital expenditures and has identified additional efficiencies. Collectively, these initiatives will strengthen the Company's financial performance. "These efficiencies will help position the Company for the long term, by placing it in a stronger, more flexible position," said Linda McMahon, CEO, WWE. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner."
Vince McMahon has sent out an email to US based WWE employees. In the email, he explains that there will be a 10% cut in the company's staff, due the faltering economy. Before the recent economy issues, WWE had stated that they would cut $20 Million. With the talks of layoffs, talent cuts are also expected today.
Shinsuke Nakamura Wrestles After 205, Baron Corbin Attacks Sami Zayn (Video), SmackDown Reactions
WWE Announcer Now Working Talking Smack (Video), New Lana SmackDown Teaser, Fans On Rusev's Demands
Jinder Mahal Leaves With WWE Title (Video), Breezango Celebrates (Video), Fans On Classic Content
Ric Flair Says His Fiancee Is In Hospital After "Serious Car Wreck"
Rusev On Why He Demanded A WWE Title Shot, WWE Star Returns To Action, The New Day Teaser
WWE Talking Smack Recap (4/25): Baron Corbin Attacks Sami Zayn, Breezango Talk Big Win, JBL, More
Title Match Added To WWE Backlash, Updated Card
WWE 205 Live Results (4/25): Gallagher Vs. Neville, Ali Takes Flight, Tozawa's Wizardry, More
WWE Monday Night RAW Results - Dumpster Match, Bray Wyatt Crashes The Main Event, Alexa Bliss, More
Former Impact Wrestling Titleholder Is Headed To WWE
Shaq On Why He Didn't Work WWE's WrestleMania 33
Backstage News On WWE Pushing Jinder Mahal, Note On Original Plans For WWE Champion Randy Orton
WWE Tag Team Gets New Name, Payback Kickoff Panelists, WWE Stars Victory Dances (Video)
Another Former Impact Wrestling Star May Be Signing With WWE
Former WWE And WCW Star Returns At Impact Wrestling Tapings
Backstage News On Vince McMahon Being Frustrated With Mauro Ranallo, Another Incident With JBL