As expected, the loss of revenue from Toys R Us looks to be taking its toll on the toy world. Mattel has posted a 14% drop in sales for the Second Quarter of 2018, forcing the toy maker to further trim its workforce. They will be cutting over 2,200 non-manufacturing jobs as well as closing their manufacturing plants in Mexico. Overall, about 22% of Mattel’s work force will be eliminated. Last year they announced $650 million cost savings plan, which saw them close their New York City headquarters. While sales for brands like Barbie (up 12%), Hot Wheels (up 21%), » Continue Reading.
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