Mattel to Cut More Than 2,200 Jobs, Selling off Factories
Mattel says it will cut more than 2,200 jobs, which represents 22% of the toy company’s non-manufacturing workforce.
In a news release, Mattel said its net sales were down 14% . The company will also continue with its plans to sell off manufacturing factories in Mexico.
Mattel said the biggest reason for the decline was the Toys “R” Us liquidation.
Mattel shares fell more than 8% after the announcement.