(CNN) After a disastrous spring, Mattel said it would cut nearly a quarter of its staff and sell some of its factories.
Mattel blamed the Toys “R” Us bankruptcy for the bulk of its problems. When the toy store mega-chain stopped buying new toys, Mattel lost its most important conduit to customers.
Mattel’s revenue fell for a fourth straight quarter and the company has announced plans to slash 22% of its corporate workforce. The cuts begin this week and will more than 2,200 https://t.co/VltogZLy2V pic.twitter.com/6VmQALXxLb
— Bloomberg (@business) July 25, 2018