Playboy Enterprises won’t be partying today. In an announcement to investors prior to its Q2 earnings report, CEO Scott Flanders announced the company will have to pay a $3 million “restructuring charge” due to planned layoffs.
“The downsizing announced today is not a reflection of our employees’ talents and work ethic, but rather due to the overall change in the company’s strategic direction,” said Flanders in a press release.
Flanders did not specify the number of employees the company plans to layoff. But it’s a continued effort to transition Playboy into a “brand management company.”