Even Barbie can’t save jobs at El Segundo based Mattel. The company has announced that it will get rid of over 2,200 jobs. This comes after four straight bad quarters of earnings. The losses have topped out at over $240 million compared to just over $50 million a year ago.
The cuts represent 22 percent of the company’s global, non-manufacturing work force. Much of it is blamed on the closure of Toys R Us.
After hours trading saw the stock drop over 8 percent as investors soured on the consecutive losses. To try to stem losses the company is also selling off the factories that are in Mexico.
There is some good news for Mattel however. Barbie sales were up 12 percent and Hot Wheels rolls along as a strong seller. It moved forward by 21 percent.
*photo from Mattel