WWF confirms Canadian job losses

WWF confirms Canadian job losses

By JON WALDMAN -- SLAM! Wrestling
The WWF has confirmed with SLAM! Wrestling that two employees from their Canadian office have been let go as a result of restructuring at parent company, World Wrestling Federation Entertainment Inc.

"There were two people, two positions that were lost af WWF Canada", said Gary Davis, a spokesman for the WWFE head office in Stamford, Conn.

The names and positions of the people who were cut were not revealed. At press time, WWF Canada was not available for comment on the situation.

Nine percent of WWFE employees were let go in what Davis describes as being a way to make operations more efficient.

"The job reductions were more a result of a restructuring than a specific effort to removing jobs," he says. "The restructuring was very important for us to ensure our competitive advantage of persuing growth opportunities."

One key member of the WWFE staff, Stuart Snyder -- the president and COO of the WWF -- has resigned as well.

"We thank Stu for his efforts, and wish him well in his future endeavors," said Linda McMahon, WWF CEO. Prior to joining WWFE, Snyder was President of USA Home Entertainment and President and COO of Feld Entertainment.

Davis was unable to say whether there would be future cuts to the WWF talent roster.

Davis also says that economic problems factored into the cuts. "We know that the economy is not great right now, and there are a number of things we need to do with our business to strengthen it, and get us positioned for growth opoportunities," Davis says. "That was the driving force around the restructuring."

WWFE is set to release its next quarterly report on November 21.

Hit hard by fading interest in their product, the WWF reported earlier this year that live attendance was down 32 per cent and television ratings on the whole are down 28 per cent. Since its initial public offering, WWF stock has dropped approximately 40 per cent. The WWF's biggest wrestling event -- WrestleMania -- will be held in Toronto's SkyDome on Sunday, March 17, 2002.

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