updated 10/16/2008 2:42:47 PM ET 2008-10-16T18:42:47

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.

The company will also consolidate facilities and reduce travel and overtime, said Hefner, who is the daughter of founder Hugh Hefner.

In February, the company had 789 full-time employees. According to the filing, Playboy hopes to reduce costs by $12 million a year.

The company publishes the venerable Playboy magazine and has interests in television and clubs.

In August, it had reported a second-quarter loss of $2.1 million, or 6 cents per share, compared with a profit of $1.9 million, or 6 cents per share, in the second quarter of 2007.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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