Playboy to cut 55 employees

Playboy Enterprises plans to cut 55 employees and eliminate 25 vacant positions.

The Chicago-based publishing and entertainment company made the announcement Wednesday in a Securities and Exchange Commission filing. Playboy chairman and chief executive Christie Hefner also sent a letter to workers Wednesday saying the troubled economy was to blame for the cost restructuring.

Hefner says in the letter that other cost-cutting efforts will include consolidating facilities and reducing travel and overtime. In February, the company had 789 full-time employees.

According to the filing, Playboy hopes to reduce costs by $12 million a year.