Yahoo Sticks to Plan for 2008 Holiday Parties

Yahoo’s December 6 holiday party in Silicon Valley will go ahead as planned, despite the fact that the company just cut 1,500 jobs. CNN reported that Yahoo’s early deposits and planning before the economy went south prevent them from backing out this late in the game.

"To ensure the best possible rates, the venue was booked and paid for months ago, so the savings would be minimal if we were to cancel at this date," spokeswoman Kim Rubey told CNN. "We also feel it is very important to show appreciation to our employees who have worked extremely hard and who have made incredible progress during a challenging year."

That appreciation comes at a hefty price. Just last month, one Yahoo insider shared with Valleywag that the company allocated between $8 and $10 million in funds for holiday parties in 2008. Yahoo has to spread that pot between the Sunnyvale, California, headquarters and offices in Los Angeles and New York, as well as other locations around the world.