Playboy Cuts 70 Jobs

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Playboy Television and Spice parent Playboy Enterprises Inc. said Thursday
that it will lay off 70 employees, or 8 percent of its work force, and
consolidate its Los Angeles offices.

The company added that it will reduce other overhead costs in an effort to
increase profitability. Playboy will also take a restructuring charge during the
fourth quarter.

Playboy still expects to end 2002 with an operating profit.