The global financial crisis has taken its toll in one of the world’s most recognized places – “Sesame Street.”

“Sesame Street” creator Sesame Workshop, a nonprofit company, is reportedly reducing one-fifth of its work force. The company announced this week that nearly 70 out of 355 existing staff members will be let go.

The company stated that just like others, it is “not immune to the unprecedented challenges of today’s economic environment.” As such the company said that they will have to “to operate with fewer resources in order to achieve our strategic priorities.”

Sesame Workshop was founded forty years ago as Children’s Television Workshop. The show “Sesame Street” has garnered worldwide support since it promotes literacy and fun interaction with kids and adults alike. The show has expanded into other outlets such as online programming, toys and books.

Famous puppets created by show include Big Bird, Elmo, Cookie Monster, Bert and Ernie.

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