In fact, it even funnier/more tragic than that.

-that guy is not even a "proper" CEO, he's just an "interim CEO" temporally assigned to do the job after Christie Hefner's long awaited departure until they'll find a proper replacement. They've been looking for a replacement for quite some time now but somehow it seems good executives are not exactly banging on the doors. The interim CEO guy is a 71 years old coffin dodger who doesn't seem to have any other plan besides "we are willing to listen" to a buyout offer.
-They are not even less unprofitable. Even if one ignores the costs of "restructuring"(read: firing 25 % of workforce) they still lost more money than in Q1 2008. The only thing that they accomplished by restructuring was that they lost less money compared to what they would have lost if they hadn't fired all those people and closed their offices in New York. This is a serious problem because they obviously can't fire many more people without severely impacting their operation.