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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMattel is cutting 22% of its non-manufacturing workforce
https://qz.com/work/1339506/mattel-layoffs-the-toy-maker-regroups-for-a-post-toys-r-us-world/Sad about the recent demise of Toys R Us? So is Mattel.
The New York-based toy manufacturer lost more than $240 million last quarter, more than quadrupling its loss from the same three months of 2017. It blamed the liquidation of Toys R Us for a 14% drop in net sales. Shareholders were clearly taken by surprise; Mattels stock dropped nearly 9% in after-hours trading.
But you may want to save your sympathy for the companys employees. More than 2,200 of them, representing 22% of Mattels non-manufacturing workforce, are being let go, the company said.
Their fate may have been hastened by the disappearance of Toys R Us stores, but Mattels misfortunes predate the loss of what had once been a major customer.
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Mattel is cutting 22% of its non-manufacturing workforce (Original Post)
Sherman A1
Aug 2018
OP
Bernardo de La Paz
(48,986 posts)1. Romney's old Bain Capital handiwork. . . . nt
appalachiablue
(41,113 posts)2. Real shame, and more to come.
Omaha Steve
(99,556 posts)4. Yep
kysrsoze
(6,019 posts)3. Mattel should have worked with MGA (Isaac Larian) to buy Toys R Us from its greedy creditors
Larian wanted to save Toys R Us. I don't know how Mattel didn't see (or care) that this was coming.