56.2 F
Los Angeles
Saturday, Feb 4, 2023

Mattel Inc. Lays Off 70 Employees to Cut Costs as Turnaround Falters

El Segundo toy company Mattel Inc. permanently laid off 70 employees earlier this month, according to a WARN notice filed with the California Employment Development Department.

Chief Financial Officer Joseph Euteneuer said during the third quarter earnings report in October that the company would cut costs, in part, by rebalancing its work force, according to a transcript from Seeking Alpha.

Euteneuer said that the company’s efforts at a turnaround have been hampered by customer Toys R Us declaring bankruptcy, among other factors.

Retail, restaurants and hospitality reporter Caroline Anderson can be reached at canderson@labusinessjournal.com. Follow her on Twitter @caroline_mander.

Featured Articles

Related Articles