Mattel is cutting 22% of its non-manufacturing workforce
Sad about the recent demise of Toys “R” Us? So is Mattel.
The New York-based toy manufacturer lost more than $240 million last quarter, more than quadrupling its loss from the same three months of 2017. It blamed the liquidation of Toys “R” Us for a 14% drop in net sales.
But you may want to save your sympathy for the company’s employees. More than 2,200 of them, representing 22% of Mattel’s non-manufacturing workforce, are being let go, the company said.
Source – Quartz at Work
What you need to know!
Mattel, Inc. Personal Investment Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 79.
With the WealthSentry system we participate in, accounts are automatically re-balanced to lower risk portfolios in the event of a severe economic downturn. Learn more in our guide, 6 Critical Steps You Must Take Now.
For an in-depth analysis of your options feel free to make an appointment, read one of our guides or participate in one of our workshops.
Wishing you the best.
Doug Reed, CRPC, AAMS