Mattel slashes more than 2,200 jobs worldwide

With revenue falling for a fourth straight quarter, Mattel announced on Wednesday it is cutting more than 2,200 jobs, about 22 percent of its global non-manufacturing workforce.

The company is dealing with Toys R Us shutting down all of its stores, and CEO Ynon Kreiz said the job cuts started this week, part of a plan to save $650 million. The layoffs primarily targeted employees working in support and back office positions, the Los Angeles Times reports. As of Dec. 31, the company had roughly 28,000 employees.

Kreiz also said Mattel is selling its factories in Mexico. "Our core expertise is in creative," Kreiz said. "We've been overly focused on putting resources behind manufacturing." Mattel's two biggest brands, Barbie and Hot Wheels, did have a good quarter, with Barbie increasing its sales by 12 percent and Hot Wheels by 21 percent.

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