In October, the company said it planned to cut 55 employees and eliminate 25 vacant positions because of the troubled economy.
"But I think at the fundamentals is actually in very healthy shape we have a very strong balance sheet with over 25 million dollars in cash and below market rate interests. we have profitable extensions in television, online, mobile and a huge globalizing licensing business," said Hefner, Chairman & CEO, Playboy Enterprises.
Christie Hefner will stay on as CEO until January 31.
