WWE Continues Massive Layoffs

World Wrestling Entertainment issued a press release this morning, announcing a 10 percent reduction of its workforce across all areas of its global operations.

The layoffs will give the company an annual savings of around $8 million while they will also incur an approximate $3 million one-time restructuring charge in the first quarter of 2009. The goal is to reduce all costs by $20 million this year while increasing earnings and margins.

"These efficiencies will help position the company for the long term, by placing it in a stronger, more flexible position," said Linda McMahon, WWE CEO. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner."

The dark days at WWE headquarters in Stamford, CT, will continue as the company keeps handing out pink slips to their employees to offset costs due to a weak economy.

Several agents, TV production and office workers are currently being terminated, with the human resources department next up on the chopping block. The amount of cuts are to total around 60.

WWE spokesman Robert Zimmerman said that wrestlers are not directly affected by the job cuts, although it's believed some of them will get cut as well.

Usually, massive layoffs follow after the WrestleMania event, but 2009 didn't start off how it was planned.

All employees who were fired were to be escorted out of the building by security.