Playboy sells 21% of shares
In order not to repeat the fate of Penthouse, the founder of Playboy magazine Hugh Hefner sells 21% of the company's shares to pay off the debts of his Internet unit. It seems that Playboy can repeat the fate of the Penthouse, which went bankrupt in August last year. Last Sunday, Playboy Enterprises, Inc. (PLA), which issues Playboy magazine, said that Playboy founder Hugh Hefner decided to sell 21% of Playboy's shares, which lasted 51 years.