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Slumping Barbie-maker Mattel to cut 2,200 jobs

Slumping US toymaker Mattel announced Wednesday it will cut 2,200 jobs after reporting another steep loss in the second quarter, sending shares sharply lower.


Mattel, the maker of Barbie, Hot Wheels and other toy mainstays, said the job cuts account for 22 percent of its global non-manufacturing staff.

Mattel had 35,000 employees at the end of 2017.

The company also plans to sell manufacturing sites in Mexico.

“With that said, we are in turnaround.”

Mattel reported a loss of $240.9 million in the second quarter, bigger than the $56.1 million in the year-ago period.

Revenues fell 13.7 percent to $840.7 million.

Results were dented by the bankruptcy and liquidation of giant toy retailer Toys “R” Us.

Mattel’s brands had a mixed performance in the second quarter, with Barbie and Hot Wheels reporting higher sales, but revenues at American Girl and Fisher Price/Thomas & Friends falling.

Shares sank 9.2 percent to $14.80 in after-hours trading.

The Nation

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