Weinstein Co. Gloom: Layoffs announced
The New York Post has the scoop that Harvey and Bob Weinstein have made 24 staffers an offer they couldn't refuse, with the Weinstein Co. laying off 11% of its work force today. I can't say this is unexpected, even though the last time I referred to the Weinstein Co.'s financial problems, I got an irate phone call from Harvey, telling me how much money he had in the bank after his big payoff from Disney. I guess this means Harvey isn't putting any of his personal fortune into the company's coffers.
The move apparently cuts the Weinstein Co.'s work force down to 200 staffers. The Weinsteins called employees into a meeting at 2 pm NY time to deliver the grim news. The shaky state of the nations's economy clearly played a role in the layoffs, with company insiders predicting the cutbacks would be a one-time event. But the move is sure to prompt new worries about the Weinstein's future, especially with the company still looking for a big break-out hit. The Post certainly didn't mince words. As it's story put it: "The layoff move is bound to stir a new round of rumors that the studio is on the brink of collapse."
Photo: Harvey Weinstein: Photo credit: Jeff Vespa/ WireImage.com