Mattel, the maker of Barbie dolls and Fisher-Price toys, announced on Nov. 7 it would cut a thousand jobs worldwide due to higher production costs and the economic crisis.
Mattel, the world's largest toy maker, said the cuts amounted to 3% of its workforce and would include layoffs, eliminating open positions and retirements. The company has already cut 170 jobs at its El Segundo headquarters, said spokeswoman Lisa Marie Bongiovanni.
The restructuring comes in the lead up to the normally busy holiday season, with toy merchants having to cut prices to sustain sales. In a statement Mattel blamed the cuts on the financial downturn, describing the turmoil as one of the most turbulent economic periods in the last 100 years.
Copyright Agence France-Presse, 2008