Economy Smacks Down WWE

WWE gives "stunner" to staff members

The economy seems to be smacking down every industry, including wrestling.

World Wrestling Entertainment, based out of Stamford has announced a 10-percent cut in staff as part of a larger cost-cutting plan.

Officials from WWE, best known for shows such as "Monday Night Raw" and "Smackdown," said the staff reduction will occur across all areas of operations worldwide. 

The cuts could save $8 million a year in pay and benefits costs.

A spokesman for the WWE said most of the layoffs would happen during the first quarter of 2009.  The company did not release the total number of employees or the exact number of job cuts, but one financial analysis company estimates that WWE has about 570 workers.

WWE plans to cut a total of $20 million this year through stronger cost controls as well as other steps.

Copyright AP - Associated Press
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