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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Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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