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.
James Storm At WWE Performance Center, WWE Shop Sale, Dean Ambrose Talks Being Taunted By A Ghost
WWE Fans On If Brock Lesnar Could F-5 Andre The Giant, Lance Storm On Chris Jericho's Career, Titus
Seth Rollins Talks Sting's Injury Being "Bad Timing In His Situation," Sting's Recovery, More
Vince Russo's "Nuclear Heat": Why Traditional Fans Are Tuning Out, NXT, His WWE And TNA Departures
Mark Henry On Vince McMahon Convincing Him To Sign His Latest Contract, Retiring Next Year
Photos: Surprise Engagement To Air On Next Season Of WWE Total Divas, Taped In Paris
More On Filming At The WWE Performance Center, Paige Calls Out Airline, Dudleyz - TNA Roster
** SPOILERS ** WWE SmackDown Results For This Week
Backstage Note On Matt Hardy Vacating The TNA World Heavyweight Title
Matt Hardy Vacates TNA World Heavyweight Championship
WWE NXT "Takeover: Respect" Results - Iron Man Match, Dusty Rhodes Tag Team Classic, Asuka, More
Backstage News On The Rock And The Undertaker Working More With WWE This Year