WWE announces 10% reduction in staff

wwelogo2.jpegWWE 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.

WWE had previously committed to implement stronger cost controls and claim that the staff reduction is consistent with their commitments, to implement stronger cost controls, increase earnings and margins and reduce its cost base by $20 million in 2009.

Along with staff and personnel, all today WWE has been reporting layoffs of recognizable talent. The list includes:

Kevin Thorn
Raw superstar D-Lo Brown
ECW Superstar Bam Neely
Keenan Quinn
Tim White
Val Venis
Mike Posey
Jimmy Korderas

Wrestling Confidential will report more on this news as it breaks.

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