January 16, 2008
New York -- Financially troubled Six Flags, Inc. said Wednesday it will cut its operating costs in 2008 while it tries to increase attendance at is theme parks.
In a filing with the SEC, the company said it plans to reduce operating expenses by $50-$60 million, excluding cost of sales.
Half of the savings is expected to come from lowering its full-time staff through early retirements, eliminating rides and attractions and implementing a real-time seasonal labor tracking system. Another $25-$30 million in reduced costs will come from eliminating one of three ad agencies Six Flags uses.
Shares of Six Flags have plummeted in recent weeks to a 52-week low of $1.73. Shares ended the day at $1.78, unchanged.
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