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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US foodies brace for tariff warUnder The Radar Shoppers stocking up on imported olive oil, maple syrup and European wine as price hikes loom
-
How Canadian tariffs could impact tourism to the USIn the Spotlight Canadians represent the largest group of foreign visitors to the United States. But they may soon stop visiting.
-
Entitlements: DOGE goes after Social SecurityFeature Elon Musk is pushing false claims about Social Security fraud
-
Eggs too pricey? Rent a chicken.Under the Radar The cost of eggs increased more than 15% in January
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Will Trump's tariffs hurt Walmart?Today's Big Question The world's biggest retailer 'isn't immune' to trade impacts
-
Store closings could accelerate throughout 2025Under the Radar Major brands like Macy's and Walgreens are continuing to shutter stores
-
The diamond market is losing its shineUnder the radar Precious gemstones are rapidly dropping in price
-
Can the US Steel-Nippon Steel merger come back to life?Today's Big Question President Trump opposed the deal. But he could be flexible.
-
How Trump is making your Shein and Temu orders more expensiveIn the Spotlight The president has ended a tariff loophole for small shipments
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
