Playboy founder, Hugh Hefner has been advised to cut back on staff at his multi-million dollar Playboy empire as it struggles to cope during the global economic turmoil. Hefner, 83 has been told to lay off some of his staff at his Los Angeles and New York offices as soon as this month or go bankrupt as reports by Telegraph.UK

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The company has recently seen shares fall from $12.4 (£6.20) to $2.1 (£1.55). An insider at the company told the Daily Star that bosses had been aware of the worsening situation for “a while”.

“Only the top brass has known for a while how bad things have been for Hef recently.”

Spokeswoman Elizabeth Austin would not confirm the sackings, saying: “It is our policy not to comment on corporate matters such as employee issues.”

The news will be another blow to Hefner who recently discovered that two of his “bunnies” may have been cheating on him.

Holly Madison, who has previously been named as Hefner’s “No.1″ girlfriend, is alleged to have had an affair with magician Criss Angel and another bunny, Kendra Wilson, is reportedly dating football star Hank Baskett.

I guess nothing is recession proof except Walmart, right?

photos: PR Photos