Mattel to lay off 2,200 workers in wake of Toys ‘R’ Us bankruptcy

Toy company Mattel announced Wednesday that it will be cutting 2,200 positions, blaming the move primarily on the recent bankruptcy of Toys “R” Us.

What’s the situation?

In reporting its second quarter financials, the maker of Barbie and Hot Wheels showed a 14 percent net sales decline. But CEO Ynon Kreiz said in the release that losses were not a surprise, given that Mattel’s biggest customer closed last year.

“We are in a turnaround and as expected, had a challenging second...

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