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Wed Aug 22, 2018, 03:57 PM

Mattel 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; Mattel’s stock dropped nearly 9% in after-hours trading.

But you may want to save your sympathy for the company’s employees. More than 2,200 of them, representing 22% of Mattel’s 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 Mattel’s misfortunes predate the loss of what had once been a major customer.

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Reply Mattel is cutting 22% of its non-manufacturing workforce (Original post)
Sherman A1 Aug 2018 OP
Bernardo de La Paz Aug 2018 #1
appalachiablue Aug 2018 #2
Omaha Steve Aug 2018 #4
kysrsoze Aug 2018 #3

Response to Sherman A1 (Original post)

Wed Aug 22, 2018, 04:23 PM

1. Romney's old Bain Capital handiwork. . . . nt

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Response to Sherman A1 (Original post)

Wed Aug 22, 2018, 04:28 PM

2. Real shame, and more to come.

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Response to appalachiablue (Reply #2)

Wed Aug 22, 2018, 05:18 PM

4. Yep


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Response to Sherman A1 (Original post)

Wed Aug 22, 2018, 04:46 PM

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.

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