4Kids Entertainment has reduced its staff by around 15%, according to a statement from the company.  It plans additional cost cuts of $4-$5 million in 2009, which with the payroll reductions and the early termination of its agreement with Fox will cut total costs by $15-$18 million, according to the statement. 

4Kids had been seeing its revenues increase but its losses widen in its most recent quarterly report; it had promised to return to profitability in its Q4 (see “Chaotic Sales Boost 4Kids Revenue”).  The company's stock has lost 80% of its value in the last year.