This post is part of a feature on companies and products that our bloggers think are in need of a makeover. See all 26.

They had to twist my arm to write about Playboy Enterprises Inc. (NYSE: PLA). At least that's the story I am telling my wife and I am sticking to it.

The problem Playboy faces -- as do other purveyors of adult entertainment -- is a simple: why buy a cow when you can get the milk for free. That's a crude and probably sexist metaphor, but an accurate one. Not only is the amount of porn on the internet mind-blowing, but increasingly it's free and can be accessed anonymously. For Playboy and its competitors, the problem is only going to get worse because the popularity of these sites appears to be soaring.

Wall Street already has little faith that the Chicago-based company can redeem itself. Shares in the company built by Hugh Hefner have dropped more than 82% this year. The company has been a mess for years. Net income in the second quarter was a puny $2.1 million, or 6 cents per share. Revenue fell 14% to $73.4 million as higher licensing revenue did not offset the declines in its media business.

Particularly worrisome was the loss in the publishing unit of $1.9 million following declines in circulation and advertising at the domestic edition of Playboy magazine. Advertising pages dropped a whopping 10 percent in the third quarter.