Unemployment Line Barbie: Mattel Cuts 1,000 Jobs
The contraction continues, Episode 235: Toy giant Mattel said today it will cut 1,000 jobs, or about 3 percent of its payroll, through a combination of layoffs, attrition and retirements.
The cuts will not mean empty shelves at Christmas, though, the company said. Holiday toy production will not be affected.
Hardest hit among the Mattel job losses will be the white-collar sector -- the cuts will trim those ranks by 8 percent.
The company was hit by the double-whammy (no, not Wham-O) of rising costs for production and materials -- in a toymaker's case, resin -- and recessionary fears, leading to diminished holiday demand for toys.
-- Frank Ahrens
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