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Lego is about to lay off 1,400 people

Colorful plastic toy maker Lego will cut eight percent of its workforce, or about 1,400 jobs globally, in an attempt to "reset the company" following declining revenue in the first half of 2017, The Associated Press reports.

With the U.S. and European markets struggling, the Danish company added that it is looking to China as a "growing market" to bolster its mainstays. "We are disappointed by the decline in revenue in our established markets, and we have taken steps to address this," explained Lego chairman Jorgen Vig Knudstorp.

Lego employs more than 19,000 employees worldwide. "Unfortunately, it is essential for us to make these tough decisions," said Knudstorp.