<PAGE>
 
     As filed with the Securities and Exchange Commission on June 26, 1996

                                                     Registration No. 333- 
                                                                          -----
                                                                                

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                     --------------------------------------
                        
                                    FORM S-8
                             REGISTRATION STATEMENT
                                     Under
                           THE SECURITIES ACT OF 1933

                     --------------------------------------

                           PLAYBOY ENTERPRISES, INC.

             (Exact name of registrant as specified in its charter)

             DELAWARE                                       36-2258830
(State or Other Jurisdiction of Incorporation)          (I.R.S. Employer
                                                       Identification No.)
                  

                          680 North Lake Shore Drive
                            Chicago, Illinois 60611
                    (Address of principal executive offices)

             Playboy Enterprises, Inc. Employee Stock Purchase Plan
                            (Full title of the Plan)

                    --------------------------------------

                             Howard Shapiro, Esq.
                           Executive Vice President,
                  Law and Administration, and General Counsel
                           Playboy Enterprises, Inc.
                          680 North Lake Shore Drive
                            Chicago, Illinois 60611
                                (312) 751-8000
                     (Name, address, and telephone number,
                  including area code, of agent for service)

                    --------------------------------------

                        CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
=============================================================================================================== 
                                                             Proposed          Proposed
                                                              maximum          maximum
                                          Amount to be    offering price      aggregate            Amount of
 Title of securities to be registered      registered        per share      offering price     registration fee
- ---------------------------------------------------------------------------------------------------------------
<S>                                       <C>             <C>               <C>                <C>
Class B Common Stock, $.01 par value          50,000         $14.625(1)        $731,250              $253
                                              Shares
===============================================================================================================
</TABLE>

(1)  Calculated using the high and low prices of Class B shares in the composite
     reporting system for June 21, 1996.
===============================================================================
<PAGE>
 
                                    PART II


ITEM 3.  INCORPORATION OF DOCUMENT BY REFERENCE

          The Annual Report on Form 10-K of Playboy Enterprises, Inc. (the
"Company" or the "Registrant") for the fiscal year ended June 30, 1995, its
Quarterly Reports on Form 10-Q for the quarterly periods ending September 30,
1995, December 31, 1995 and March 31, 1996 and the description of the Company's
Class A and Class B Common Stock contained in the registration statement on Form
8-A dated May 17, 1990, as amended by Form 8, dated June 7, 1990, and any
amendment or report filed for the purpose of updating such description, are
incorporated by reference into this registration statement.  Any documents filed
by the Company subsequent to the filing of this registration statement pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part hereof
from the date of filing of such documents.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL

          Howard Shapiro, Esq., whose opinion regarding the validity of the
securities offered hereby is filed as Exhibit 5.1 hereto, is an officer of the
Company.  Mr. Shapiro is the Company's Executive Vice President, Law and
Administration, and General Counsel.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS

          The Company is a Delaware corporation.  Section 145 of the General
Corporation Law of the State of Delaware (the "GCL") provides that a Delaware
corporation has the power to indemnify its officers and directors in certain
circumstances.

          Subsection (a) of Section 145 of the GCL empowers a corporation to
indemnify any director or officer, or former director or officer, who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation),
against expenses (including attorney's fees), judgments, fines and amounts paid
in settlement actually reasonably incurred in connection with such action, suit
or proceeding provided that such director or officer acted in good faith in a
manner reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, provided
that such director or officer had no reasonable cause to believe his or her
conduct was unlawful.

                                       2
<PAGE>
 
          Subsection (b) of Section 145 of the GCL empowers a corporation to
indemnify any director or officer, or former director or officer, who was or is
a party or is threatened to made a party to any threatened, pending or completed
action or suit by or in the right of the corporation to procure a judgment in
its favor, against expenses (including attorneys' fees) actually and reasonably
incurred in connection with the defense or settlement of such action or suit
provided that such director or officer acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
corporation, except that no indemnification may be made in respect of any claim,
issue or matter as to which such director or officer shall have been adjudged to
be liable to the corporation unless and only to the extent that the court in
which such action or suit was brought determines that despite the adjudication
of liability such director or officer is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.

          Section 145 of the GCL further provides that (i) to the extent a
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a) and (b) of Section 145
or in the defense of any claim, issue or matter therein, such director or
officer shall be indemnified against expenses (including attorney's fees)
actually and reasonably incurred by such director or officer in connection
therewith; (ii) expenses may be advanced by the corporation subject to an
undertaking of the director or officer to reimburse such expenses if the person
receiving the advance is ultimately determined not to be entitled to
indemnification; (iii) indemnification provided for by Section 145 shall not be
deemed exclusive of any other rights to which the indemnified party may be
entitled otherwise; and (iv) the corporation may purchase and maintain insurance
on behalf of a director or officer of the corporation against any liability
asserted against him or her or incurred by him or her in any such capacity or
arising out of his or her status as such, whether or not the corporation would
have the power to indemnify him or her against such liabilities under Section
145.

          As permitted by Section 102(b)(7) of the GCL, Article TWELFTH of the
Company's Restated Certificate of Incorporation provides that directors of the
Company will be exempt from monetary liabilities in certain circumstances, as
follows:

          "Directors shall not be personally liable to the corporation or its
          stockholders for monetary damages for breaches of fiduciary duty as a
          director, except for liability (i) for breach of the director's duty
          of loyalty to the corporation or its stockholders; (ii) for acts or
          omissions not in good faith or which involve intentional misconduct or
          a knowing violation of law; (iii) under Section 174 of the Delaware
          General Corporation Law, or (iv) for any transaction from which the
          director derived an improper personal benefit."

          Article VII, Section 6 of the Company's bylaws provides for
indemnification  of officers and directors of the Company, to the fullest extent
permitted by the GCL, for all expense, liability and loss in connection with any
action, suit or proceeding while serving as a director or officer of the Company
or as an officer,

                                       3
<PAGE>
 
director or employee of any other entity at the request of the Company.  Such
indemnification continues as to a person who has ceased to be a director or
officer, and inures to the benefit of his or her heirs, executors and
administrators.  The Company is required to indemnify any officer or director in
connection with a proceeding initiated by such officer or director only if such
proceeding was authorized by the Board.  The right to indemnification includes
the right to be paid by the Company the expenses incurred in defending any such
proceeding in advance of its final disposition subject to receipt by the Company
of any required undertaking to repay all amounts so advanced if it shall
ultimately be determined that the director or officer is not entitled to be
indemnified under the Company's bylaws or otherwise.  If an indemnification
claim is not paid in full by the Company within ninety days after a written
claim has been received by the Company, the claimant may at any time thereafter
bring suit against the Company to recover the unpaid amount of the claim and, if
successful in whole or in part, the claimant is also entitled to be paid the
expense of prosecuting that claim.  The right to indemnification and payment of
expenses incurred in defending a proceeding in advance of its final disposition
conferred in the bylaws is not exclusive of any other rights.  This section of
the bylaws provides further that the Company may maintain insurance to protect
any director or officer against any expense, liability or loss, whether or not
the Company would have the power to indemnify such person against such expense,
liability or loss.  The Company maintains such insurance for its directors and
officers.

ITEM 8.  EXHIBITS

Exhibit Number Description
- -------------- -----------

4.1            Form of certificate for shares of the Company's Class B Common
               Stock (incorporated by reference to Exhibit 1.2 of the
               Registration Statement on Form 8-A, dated May 17, 1990, as
               amended by Form 8, dated May 17, 1990; Commission File No. 1-
               6813)

4.2            Restated Certificate of Incorporation of the Company
               (incorporated by reference to Exhibit 3.1 of the Company's annual
               report on Form 10-K for the year ended June 30, 1995; Commission
               File No. 1-6813).

4.3            Restated bylaws of the Company (incorporated by reference to
               Exhibit 3.2 of the Company's annual report on Form 10-K for the
               year ended June 30, 1994; Commission File No. 1-6813).

4.4            Playboy Enterprises, Inc. Employee Stock Purchase Plan

5.1            Opinion of Counsel

23.1           Consent of Coopers & Lybrand, L.L.P.

23.2           Consent of Counsel (included in Exhibit 5.1)

                                       4
<PAGE>
 
24.1           Powers of Attorney


ITEM 9.  UNDERTAKINGS

     (a) The undersigned registrant hereby undertakes:

         (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

              (i)  To include any prospectus required by Section 10(a)(3) of the
          Securities Act of 1933 (the "Securities Act");

              (ii) To reflect in the prospectus any facts or events arising
          after the effective date of the registration statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in the registration statement.  Notwithstanding the foregoing, any
          increase or decrease in volume of securities offered (if the total
          dollar amount would not exceed that which is registered) and any
          deviation from the low or high and of the estimated maximum offering
          range may be reflected in the form of prospectus filed with the
          Commission pursuant to Rule 424(b) if, in the aggregate, the changes
          in volume and price represent no more than 20 percent change in the
          maximum aggregate offering price set forth in the "Calculation of
          Registration Fee" table in the effective registration statement.

             (iii) To include any material information with respect to the
          plan of distribution not previously disclosed in the registration
          statement or any material change to such information in the
          registration statement;

             Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do
          not apply if the registration statement is on Form S-3, Form S-8 or
          Form F-3, and the information required to be included in a post-
          effective amendment by those paragraphs is contained in periodic
          reports filed with or furnished to the Commission by the registrant
          pursuant to Section 13 or Section 15(d) of the Exchange Act that are
          incorporated by reference in the registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

                                       5
<PAGE>
 
     (b)  The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

     (c)  Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.

                                       6
<PAGE>
 
                                  SIGNATURES

          Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Chicago, State of Illinois, on June 25, 1996.


                              PLAYBOY ENTERPRISES, INC.
                                    (Registrant)


                              By:    /s/ Howard Shapiro
                                     -------------------------------------
                                     Howard Shapiro, Executive Vice President,
                                     Law and Administration, and General Counsel

          Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated on June 25, 1996.

Signature                                    Title
- ---------                                    -----


       *
- -----------------------------
Christie Hefner                              Chairman and Chief Executive
                                             Officer and Director (Principal
                                             Executive Officer)

/s/ Rebecca Maskey                           Senior Vice President, Finance
- -----------------------------                (Principal Financial and
Rebecca Maskey                               Accounting Officer)


       *
- -----------------------------
Dennis S. Bookshester                        Director



       *
- -----------------------------
David I. Chemerow                            Director



       *
- -----------------------------
Robert Kamerschen                            Director



       *
- -----------------------------  
Sol Rosenthal                                Director

                             

                                       7
<PAGE>
 
       *
- -----------------------------
Richard S. Rosenzweig                        Director



       *
- -----------------------------
Sir Brian Wolfson                            Director


*  The undersigned, by signing his name below, has hereby signed this
Registration Statement on Form S-8 on behalf of the above-named Directors on
June 25, 1996, pursuant to a power of attorney executed on behalf of each such
Director and filed herewith as Exhibit 24.1.



By: /s/ Howard Shapiro
    ------------------
    Howard Shapiro

    
                                       8
<PAGE>
 
                                 EXHIBIT INDEX
<TABLE>
<CAPTION>
 
 
 
==============  =================================================  =============
                                                                   Sequentially
Exhibit Number  Description                                        Numbered Page
- --------------  -------------------------------------------------  -------------
<C>             <S>                                                <C>
________________________________________________________________________________

4.1             Form of certificate for shares of the Company's
                Class B Common Stock (incorporated by
                reference to Exhibit 1.2 of the Registration
                Statement on Form 8-A, dated May 17, 1990, as
                amended by Form 8, dated May 17, 1990;
                Commission File No. 1-6813)
________________________________________________________________________________
4.2             Restated Certificate of Incorporation of the
                Company (incorporated by reference to Exhibit
                3.1 of the Company's annual report on Form 10-
                K for the year ended June 30, 1995;
                Commission File No. 1-6813)
________________________________________________________________________________
4.3             Restated bylaws of the Company (incorporated
                by reference to Exhibit 3.2 of the Company's
                annual report on Form 10-K for the year ended
                June 30, 1994; Commission File No. 1-6813)
________________________________________________________________________________
4.4             Playboy Enterprises, Inc. Employee Stock
                Purchase Plan
________________________________________________________________________________
5.1             Opinion of Counsel
________________________________________________________________________________
23.1            Consent of Coopers & Lybrand, L.L.P.
________________________________________________________________________________
23.2            Consent of Counsel (included in Exhibit 5.1)
________________________________________________________________________________
24.1            Powers of Attorney
================================================================================
</TABLE>

                                       9
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 22135}]
{"company-data": {"conformed-name": "PLAYBOY ENTERPRISES INC", "cik": "0000079114", "assigned-sic": "2721", "irs-number": "362258830", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-06843", "film-number": "96585851"}, "business-address": {"street1": "680 N LAKE SHORE DR", "city": "CHICAGO", "state": "IL", "zip": "60611", "phone": "3127518000"}}
As filed with the Securities and Exchange Commission on June 26, 1996

                                                     Registration No. 333- 
                                                                          -----
                                                                                

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                     --------------------------------------
                        
                                    FORM S-8
                             REGISTRATION STATEMENT
                                     Under
                           THE SECURITIES ACT OF 1933

                     --------------------------------------

                           PLAYBOY ENTERPRISES, INC.

             (Exact name of registrant as specified in its charter)

             DELAWARE                                       36-2258830
(State or Other Jurisdiction of Incorporation)          (I.R.S. Employer
                                                       Identification No.)
                  

                          680 North Lake Shore Drive
                            Chicago, Illinois 60611
                    (Address of principal executive offices)

             Playboy Enterprises, Inc. Employee Stock Purchase Plan
                            (Full title of the Plan)

                    --------------------------------------

                             Howard Shapiro, Esq.
                           Executive Vice President,
                  Law and Administration, and General Counsel
                           Playboy Enterprises, Inc.
                          680 North Lake Shore Drive
                            Chicago, Illinois 60611
                                (312) 751-8000
                     (Name, address, and telephone number,
                  including area code, of agent for service)

                    --------------------------------------

                        CALCULATION OF REGISTRATION FEE
=============================================================================================================== 
                                                             Proposed          Proposed
                                                              maximum          maximum
                                          Amount to be    offering price      aggregate            Amount of
 Title of securities to be registered      registered        per share      offering price     registration fee
- ---------------------------------------------------------------------------------------------------------------
Class B Common Stock, $.01 par value          50,000         $14.625(1)        $731,250              $253
                                              Shares
===============================================================================================================
(1)  Calculated using the high and low prices of Class B shares in the composite
     reporting system for June 21, 1996.
===============================================================================
PART II

ITEM 3.  INCORPORATION OF DOCUMENT BY REFERENCE

          The Annual Report on Form 10-K of Playboy Enterprises, Inc. (the
"Company" or the "Registrant") for the fiscal year ended June 30, 1995, its
Quarterly Reports on Form 10-Q for the quarterly periods ending September 30,
1995, December 31, 1995 and March 31, 1996 and the description of the Company's
Class A and Class B Common Stock contained in the registration statement on Form
8-A dated May 17, 1990, as amended by Form 8, dated June 7, 1990, and any
amendment or report filed for the purpose of updating such description, are
incorporated by reference into this registration statement.  Any documents filed
by the Company subsequent to the filing of this registration statement pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part hereof
from the date of filing of such documents.

ITEM 5.  INTERESTS OF NAMED EXPERTS AND COUNSEL

          Howard Shapiro, Esq., whose opinion regarding the validity of the
securities offered hereby is filed as Exhibit 5.1 hereto, is an officer of the
Company.  Mr. Shapiro is the Company's Executive Vice President, Law and
Administration, and General Counsel.

ITEM 6.  INDEMNIFICATION OF DIRECTORS AND OFFICERS

          The Company is a Delaware corporation.  Section 145 of the General
Corporation Law of the State of Delaware (the "GCL") provides that a Delaware
corporation has the power to indemnify its officers and directors in certain
circumstances.

          Subsection (a) of Section 145 of the GCL empowers a corporation to
indemnify any director or officer, or former director or officer, who was or is
a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation),
against expenses (including attorney's fees), judgments, fines and amounts paid
in settlement actually reasonably incurred in connection with such action, suit
or proceeding provided that such director or officer acted in good faith in a
manner reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, provided
that such director or officer had no reasonable cause to believe his or her
conduct was unlawful.

                                       2
Subsection (b) of Section 145 of the GCL empowers a corporation to
indemnify any director or officer, or former director or officer, who was or is
a party or is threatened to made a party to any threatened, pending or completed
action or suit by or in the right of the corporation to procure a judgment in
its favor, against expenses (including attorneys' fees) actually and reasonably
incurred in connection with the defense or settlement of such action or suit
provided that such director or officer acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
corporation, except that no indemnification may be made in respect of any claim,
issue or matter as to which such director or officer shall have been adjudged to
be liable to the corporation unless and only to the extent that the court in
which such action or suit was brought determines that despite the adjudication
of liability such director or officer is fairly and reasonably entitled to
indemnity for such expenses which such court shall deem proper.

          Section 145 of the GCL further provides that (i) to the extent a
director or officer of a corporation has been successful in the defense of any
action, suit or proceeding referred to in subsections (a) and (b) of Section 145
or in the defense of any claim, issue or matter therein, such director or
officer shall be indemnified against expenses (including attorney's fees)
actually and reasonably incurred by such director or officer in connection
therewith; (ii) expenses may be advanced by the corporation subject to an
undertaking of the director or officer to reimburse such expenses if the person
receiving the advance is ultimately determined not to be entitled to
indemnification; (iii) indemnification provided for by Section 145 shall not be
deemed exclusive of any other rights to which the indemnified party may be
entitled otherwise; and (iv) the corporation may purchase and maintain insurance
on behalf of a director or officer of the corporation against any liability
asserted against him or her or incurred by him or her in any such capacity or
arising out of his or her status as such, whether or not the corporation would
have the power to indemnify him or her against such liabilities under Section
145.

          As permitted by Section 102(b)(7) of the GCL, Article TWELFTH of the
Company's Restated Certificate of Incorporation provides that directors of the
Company will be exempt from monetary liabilities in certain circumstances, as
follows:

          "Directors shall not be personally liable to the corporation or its
          stockholders for monetary damages for breaches of fiduciary duty as a
          director, except for liability (i) for breach of the director's duty
          of loyalty to the corporation or its stockholders; (ii) for acts or
          omissions not in good faith or which involve intentional misconduct or
          a knowing violation of law; (iii) under Section 174 of the Delaware
          General Corporation Law, or (iv) for any transaction from which the
          director derived an improper personal benefit."

          Article VII, Section 6 of the Company's bylaws provides for
indemnification  of officers and directors of the Company, to the fullest extent
permitted by the GCL, for all expense, liability and loss in connection with any
action, suit or proceeding while serving as a director or officer of the Company
or as an officer,

                                       3
director or employee of any other entity at the request of the Company.  Such
indemnification continues as to a person who has ceased to be a director or
officer, and inures to the benefit of his or her heirs, executors and
administrators.  The Company is required to indemnify any officer or director in
connection with a proceeding initiated by such officer or director only if such
proceeding was authorized by the Board.  The right to indemnification includes
the right to be paid by the Company the expenses incurred in defending any such
proceeding in advance of its final disposition subject to receipt by the Company
of any required undertaking to repay all amounts so advanced if it shall
ultimately be determined that the director or officer is not entitled to be
indemnified under the Company's bylaws or otherwise.  If an indemnification
claim is not paid in full by the Company within ninety days after a written
claim has been received by the Company, the claimant may at any time thereafter
bring suit against the Company to recover the unpaid amount of the claim and, if
successful in whole or in part, the claimant is also entitled to be paid the
expense of prosecuting that claim.  The right to indemnification and payment of
expenses incurred in defending a proceeding in advance of its final disposition
conferred in the bylaws is not exclusive of any other rights.  This section of
the bylaws provides further that the Company may maintain insurance to protect
any director or officer against any expense, liability or loss, whether or not
the Company would have the power to indemnify such person against such expense,
liability or loss.  The Company maintains such insurance for its directors and
officers.

ITEM 8.  EXHIBITS

Exhibit Number Description
- -------------- -----------

4.1            Form of certificate for shares of the Company's Class B Common
               Stock (incorporated by reference to Exhibit 1.2 of the
               Registration Statement on Form 8-A, dated May 17, 1990, as
               amended by Form 8, dated May 17, 1990; Commission File No. 1-
               6813)

4.2            Restated Certificate of Incorporation of the Company
               (incorporated by reference to Exhibit 3.1 of the Company's annual
               report on Form 10-K for the year ended June 30, 1995; Commission
               File No. 1-6813).

4.3            Restated bylaws of the Company (incorporated by reference to
               Exhibit 3.2 of the Company's annual report on Form 10-K for the
               year ended June 30, 1994; Commission File No. 1-6813).

4.4            Playboy Enterprises, Inc. Employee Stock Purchase Plan

5.1            Opinion of Counsel

23.1           Consent of Coopers & Lybrand, L.L.P.

23.2           Consent of Counsel (included in Exhibit 5.1)

                                       4
24.1           Powers of Attorney

ITEM 9.  UNDERTAKINGS

     (a) The undersigned registrant hereby undertakes:

         (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

              (i)  To include any prospectus required by Section 10(a)(3) of the
          Securities Act of 1933 (the "Securities Act");

              (ii) To reflect in the prospectus any facts or events arising
          after the effective date of the registration statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in the registration statement.  Notwithstanding the foregoing, any
          increase or decrease in volume of securities offered (if the total
          dollar amount would not exceed that which is registered) and any
          deviation from the low or high and of the estimated maximum offering
          range may be reflected in the form of prospectus filed with the
          Commission pursuant to Rule 424(b) if, in the aggregate, the changes
          in volume and price represent no more than 20 percent change in the
          maximum aggregate offering price set forth in the "Calculation of
          Registration Fee" table in the effective registration statement.

             (iii) To include any material information with respect to the
          plan of distribution not previously disclosed in the registration
          statement or any material change to such information in the
          registration statement;

             Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do
          not apply if the registration statement is on Form S-3, Form S-8 or
          Form F-3, and the information required to be included in a post-
          effective amendment by those paragraphs is contained in periodic
          reports filed with or furnished to the Commission by the registrant
          pursuant to Section 13 or Section 15(d) of the Exchange Act that are
          incorporated by reference in the registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

                                       5
(b)  The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

     (c)  Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.

                                       6
SIGNATURES

          Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Chicago, State of Illinois, on June 25, 1996.

                              PLAYBOY ENTERPRISES, INC.
                                    (Registrant)

                              By:    /s/ Howard Shapiro
                                     -------------------------------------
                                     Howard Shapiro, Executive Vice President,
                                     Law and Administration, and General Counsel

          Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated on June 25, 1996.

Signature                                    Title
- ---------                                    -----

       *
- -----------------------------
Christie Hefner                              Chairman and Chief Executive
                                             Officer and Director (Principal
                                             Executive Officer)

/s/ Rebecca Maskey                           Senior Vice President, Finance
- -----------------------------                (Principal Financial and
Rebecca Maskey                               Accounting Officer)

       *
- -----------------------------
Dennis S. Bookshester                        Director

       *
- -----------------------------
David I. Chemerow                            Director

       *
- -----------------------------
Robert Kamerschen                            Director

       *
- -----------------------------  
Sol Rosenthal                                Director

                             

                                       7
*
- -----------------------------
Richard S. Rosenzweig                        Director

       *
- -----------------------------
Sir Brian Wolfson                            Director

*  The undersigned, by signing his name below, has hereby signed this
Registration Statement on Form S-8 on behalf of the above-named Directors on
June 25, 1996, pursuant to a power of attorney executed on behalf of each such
Director and filed herewith as Exhibit 24.1.

By: /s/ Howard Shapiro
    ------------------
    Howard Shapiro

    
                                       8
EXHIBIT INDEX
==============  =================================================  =============
                                                                   Sequentially
Exhibit Number  Description                                        Numbered Page
- --------------  -------------------------------------------------  -------------
________________________________________________________________________________

4.1             Form of certificate for shares of the Company's
                Class B Common Stock (incorporated by
                reference to Exhibit 1.2 of the Registration
                Statement on Form 8-A, dated May 17, 1990, as
                amended by Form 8, dated May 17, 1990;
                Commission File No. 1-6813)
________________________________________________________________________________
4.2             Restated Certificate of Incorporation of the
                Company (incorporated by reference to Exhibit
                3.1 of the Company's annual report on Form 10-
                K for the year ended June 30, 1995;
                Commission File No. 1-6813)
________________________________________________________________________________
4.3             Restated bylaws of the Company (incorporated
                by reference to Exhibit 3.2 of the Company's
                annual report on Form 10-K for the year ended
                June 30, 1994; Commission File No. 1-6813)
________________________________________________________________________________
4.4             Playboy Enterprises, Inc. Employee Stock
                Purchase Plan
________________________________________________________________________________
5.1             Opinion of Counsel
________________________________________________________________________________
23.1            Consent of Coopers & Lybrand, L.L.P.
________________________________________________________________________________
23.2            Consent of Counsel (included in Exhibit 5.1)
________________________________________________________________________________
24.1            Powers of Attorney
================================================================================
9