It has been a crazy 24 hours for World Wrestling Entertainment following a day of uncertainty due to the ongoing coronavirus pandemic.
Sadly, on Wednesday, talented individuals lost their jobs through no fault of their own, with Vince McMahon and the rest of the WWE board deciding to make cuts in order to keep financially healthy during this uncertain period.
Unlike most sports, WWE have continued during the pandemic, with shows being held behind closed doors, this even included WrestleMania, the company's biggest show of the year.
However, McMahon announced on a conference call early Wednesday morning that cuts simply had to be made in order to keep the company's finances looking stable.
Due to this, in-ring talent were sacked and so were off-screen members, including writers, coaches and many more.
No less than 20 superstars were dismissed yesterday, and there's a strong chance more releases could be made over time. That doesn't scratch the surface, however, as more staff behind the scenes were either sacked or put on furlough leave.
But where does this leave WWE? And why were such drastic measures taken?
Well, the company told investors that they'd underwent an "extensive evaluation of its operations" recently, owing to "government mandated impacts on the media business."
It seems that releasing staff with immediate effect was the best way for the company to start saving money, and saving money fast.
According to WhatCulture, the talent cuts alone will save WWE around $703,000 every month.
When you combine that with the savings of delaying the move from Titan Towers to a brand new office in Stamford, the total savings per month moves to around $4 million.
It's a tough time for everyone with the coronavirus viciously spreading around the world, and even the world's biggest businesses and industries are falling foul to the virus.
WWE felt they had to take drastic measures to ensure the future of its business, and that is why so many people lost their jobs so abruptly.
We can only hope that WWE bounces back from this, as do the members of staff who were sadly released.
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