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.
More On Billy Corgan Joining The TNA Creative Team, Comments From Dixie Carter And John Gaburick
Unusual Xavier Woods Achievement, Bad Luck Barrett, How Long Did Ambrose-Harper Street Fight Go?
ICYMI: Triple H Talks Vince, CM Punk - Drax, NXT Releases, Goldberg - WWE, Reigns Vs. Austin, More
Billy Corgan Joins TNA, Talks About His Role In The Company
Jon Jones Named As Suspect, UFC Makes Statement, Pipe Found Inside Rental Car
Triple H Praises WWE NXT Trainer, Sara Del Rey On Why She Got Into Training Other Wrestlers
Speculation On Ryback And Bray Wyatt, King Of The Ring Note, The Rock Meets A Marine, WWE DVD News
WWE Extreme Rules Results - Randy Orton Vs. Seth Rollins, Cena Vs. Rusev, Title Change, Bo Dallas
CM Punk Comments On Wrestling Again, New Projects, AJ Pregnancy Rumors, Awkward Matches, More
Triple H Talks Relationship With Vince McMahon, His Backstage Duties For WWE, More
Dolph Ziggler Teasing Leaving WWE?
WWE Creative Reaction To Dana White Comments, WWE Looks At Edge Vs. Rollins, NXT Change, Fury