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4Kids Cuts Staff By 15% Date: 12/19/2008 |
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4Kids Entertainment has reduced its staff by around 15%, according to a statement from the company. It plans additional cost cuts of $4-$5 million in 2009, which with the payroll reductions and the early termination of its agreement with Fox will cut total costs by $15-$18 million, according to the statement. 4Kids had been seeing its revenues increase but its losses widen in its most recent quarterly report; it had promised to return to profitability in its Q4 (see ?Chaotic Sales Boost 4Kids Revenue?). The company's stock has lost 80% of its value in the last year. |
| Source: ICv2 |
