Mattel, owner of Barbie and Hot Wheels, will unload 22 percent of its global nonmanufacturing workforce — or 2,200 jobs — the company said July 25.
The cuts come as part of a two-year turnaround plan to offset deep losses. Ynon Kreiz, chairman and CEO of Mattel, said the liquidation of Toys R Us drove down second quarter results.
However, Mattel's CFO said the company's $650 million restructuring plan is on track. In addition to the workforce cuts, Mattel plans to sell its Mexico manufacturing sites.
Mattel posted a $189.2 million operating loss in the second quarter of fiscal year 2018. Gross net sales were down 11 percent, dragged 10 percent by Toys R Us' liquidation.
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