4Kids Entertainment Lays Off About 15% of Workforce
posted on by Egan Loo
The international children's media and licensing company 4Kids Entertainment has announced on Wednesday that it is laying off about 15% of its workforce due to the worsening economic environment. 4Kids expects to incur about US$375,000 in severance costs as a result. Nevertheless, it is counting on the layoffs, its early termination of its Fox programming agreement this month, and other reductions in operating expenses to gain US$15 to US$18 million in savings next year. 4Kids reported a increase in its earnings to US$49.4 million in the first nine months of 2008, but it also reported a higher net loss at US$17.2 million in the same time period.