CANNON GROUP LAYS OFF 25 EMPLOYEES
About 25 employees have been dismissed from the Cannon Group Inc., and the financially troubled studio has cut back its production plans for the coming year, a company spokesman confirmed Wednesday.
Reports varied earlier this week on the precise number of employees laid off, but Cannon President Yoram Globus confirmed the number at 25. The layoffs occurred mainly in the production, publicity and casting departments, he said.
As part of its trimming, Cannon plans to release only 12 to 15 movies in 1987 in contrast with the 46 it brought out in 1986. Cannon’s bottom line was pinched in 1986 by a lack of box-office hits. For the nine months ended Sept. 27, the company lost $5.8 million on revenues of $261.3 million.
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