The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacturing Of Furniture And Other Manufacturing Other Manufacturing 32.40 - Manufacture of games and toys
2,200 jobs Number of planned job losses
Announcement Date
25 July 2018
Employment effect (start)
26 July 2018
Foreseen end date
Description
Mattel, a leading global children's entertainment company that specialises in design and production of toys and consumer products (Barbie, American Girl and Hot Wheels brands), has announced over 2,200 job cuts worldwide, representing 22% of global non-manufacturing workforce, as well as planned sale of manufacturing sites in Mexico. The job cuts will mainly affect support functions and back-office, according Mattel. In its press release, Mattel blamed 'higher materials costs, higher obsolescence, and unfavourable product mix' for a decrease in its gross margin to 30.1 per cent, down from 41 per cent in the same quarter in 2017. 'We are in a turnround and as expected, had a challenging second quarter driven primarily by the Toys 'R Us liquidation,' said the new chief executive. Due to the Toys 'R' Us liquidation, Mattel has seen its sales dropping by about 11% between April and June 2018.
Eurofound (2018), Mattel, Internal restructuring in World, factsheet number 94716, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94716.
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