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.
Nia Jax Posts Photo From Very First Modeling Shoot In NYC, WWE NXT Fatal 4 Way Promo, WWE Stock Up
Bret Hart Says Punch To Vince McMahon Was The "Most Beautiful Punch Anyone Could Ever Throw"
Ric Flair's Former Management Group Releases Statement, New John Cena Merch, The Miz Relives Match
Domestic Battery Case Opened Over David Otunga - Jennifer Hudson Incident This Week
Impact Wrestling Viewership Increases With Global Title Match As The Main Event
Eric Bischoff Shoots Down Rumor, The Rock's "Rampage" Trailer, Rey Mysterio Note, MLW Matches Added
Triple H On His WWE Live Event Appearances, Losing NXT Stars To The Main Roster, Shawn Michaels
WWE - David Otunga Update, Undertaker & Kane Vs. Wyatts (Video), New Triple H Shirt, WWE Shop Sale
Protective Order Filed Against WWE Star
WWE Releases James Ellsworth
Backstage Notes On WWE Talents Being Upset With Kevin Owens And Sami Zayn, Owens - Randy Orton Beef
James Ellsworth Reacts To Carmella Dating Big Cass, Cass Talks Having To Miss WrestleMania 34
Edge On Possible Reason For AJ Styles Defeating Jinder Mahal For The WWE Championship
More From James Ellsworth On His WWE Release, Becky Lynch On Why She's A Fan Of RAW Star, Finn Balor
Dolph Ziggler Takes Shot At James Ellsworth's WWE Release, Daniel Bryan Note, DDP, Legends Dinner
James Ellsworth Responds To His WWE Release, Torrie Wilson On How Ronda Rousey Would Fare In WWE