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.
Photos Of Poor Attendance At Tonight's WWE SmackDown Live Taping
What Happened After 205 Live With Shinsuke Nakamura?, Carmella - Ellsworth, Jason Jordan On No Mercy
Possible Triple Threat At WWE Hell In A Cell, Poor WWE SmackDown Attendance, The Hype Bros Tension
New Title Match Added To The WWE Hell In A Cell Card
Vince McMahon Storyline Update, Rusev And Lana On Tonight's Win Over Randy Orton, Nikki Bella
WWE 205 Live Results (9/19): Enzo And Neville Face Off, Jack Gallagher Attacks Cedric Alexander
Bobby Roode Wins Dark Match, Maria Kanellis Note, Paul Heyman - Tommy Dreamer Exchange, Total Bellas
Rare Undertaker Signing Announced, Canadian Olympic Wrestler At The WWE PC (Video), The Usos
WWE Monday Night RAW Results - Six Pack Challenge, Braun Strowman Attacks, Final No Mercy Hype, More
Update On Vince McMahon Bleeding On SmackDown, Stephanie McMahon's Original Role For The Angle
Cody Rhodes Responds To WWE Bringing Back Starrcade, Brandi Rhodes Not Happy
WWE Hall Of Famer Bobby Heenan Passes Away
Backstage News On Luke Harper And Erick Rowan, Batista In New Blade Runner 2049 Video, David Otunga
The McMahons, Triple H, Ric Flair And Others Comment On Bobby "The Brain" Heenan Passing Away
Bobby Heenan's Cause Of Death Revealed
WWE Starrcade Official Announcement