The Weinstein Company is laying off approximately 30 people in line with the recommendations of its restructuring consultants Miller Buckfire.
The job losses are likely to be the last wave of redundancies at the company, according to sources, and will occur across all divisions in October when certain employee contracts terminate, bringing the number of staff to around 90.
“This has been the plan that we confirmed several weeks ago,” a spokesperson said. “As mentioned we hired a firm to help us restructure and put a plan into place to get us to a size that will fortify our company moving forward.
“In this economic climate it makes sense to focus on a smaller slate and with that we need fewer people. By the end of the year the look of the company will be complete and we can continue releasing successful films.”
Last week, Harvey and Bob Weinstein ended their majority share in Genius Products after the latter said it was exiting the home entertainment business. The brothers subsequently signed exclusive home video distribution rights to Vivendi Entertainment.
The Weinsteins recently scored a big hit with Quentin Tarantino’s Inglourious Basterds, which has taken more than $230m worldwide, and is gearing up for an aggressive awards season push for Colin Firth’s Coppa Vopli winning performance in Tom Ford’s critical hit A Single Man, which the company acquired in Toronto.
Its other awards contenders are Rob Marshall’s all-star musical ensemble Nine with Daniel Day-Lewis, Nicole Kidman, Marion Cotillard and Penelope Cruz, and The Road, which stars Viggo Mortensen and recently premiered in Venice.