Page last updated at 22:01 GMT, Wednesday, 18 February 2009

Playboy 'would consider' selling

Playboy magazine cover
Playboy has been hit by falling sales and restructuring costs

Playboy has said it would be open to discussions about an outright sale of the company, after reporting a steep quarterly loss.

Playboy Enterprises, best-known for its adult magazine, posted a net loss of $145.7m (102.6m) for the three months to the end of December 2008.

This compared with a loss of $1.1m for the same period a year earlier.

The company said it was hit by $157m in restructuring and other one-off costs. It cut 14% of its workforce in 2008.

Playboy has struggled with a shrinking audience in a poor economy.

Revenue for the period was $69.8m, down 19% on the fourth quarter in 2007.

In recent months the company has seen a shake-up in the boardroom, with chief executive Christie Hefner, daughter of Playboy founder Hugh Hefner, resigning in December.

Interim chairman and chief executive Jerome Kern admitted: "In the face of current economic conditions, it is clear that our streamlining initiatives need to continue."

In a conference call with analysts, he revealed the company would consider a sale or changes in the strategic direction of its flagship magazine.

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