Grand re-shuffles print division

Grand reduces print offshoot to finance Wham-O deal.
Publish date:

Grand Toys plans to reduce its printing subsidiary's China operations following 'disappointing' results over the last year, including the termination of a 'substantial' number of employees.

The Hong Kong-based toy manufacturer said the downsizing will also involve the sale of a 'significant' number of printing and other machines to pay creditors of Hua Yang, the company's subsidiary.

Hua Yang's joint venture partners are cooperating with the restructuring and cited increased labour costs and the cost of oil as reasons for the unaudited losses during the year.

A deal has been agreed to acquire Wham-O from Cornerstone Strategic Management Limited, a company owned and controlled by Raylin Hsieh, wife of Grand's CEO and majority shareholder Jeff Hsieh and as part of these terms Hua Yang is expected to be sold to Mrs. Hsieh. The firm is meeting with potential investors in the next several weeks for the purposes of raising financing for the Wham-O acquisition.



Q&A: Grand designs

One thing the world?s most popular toys all have in common is that they all started life on a designer?s drawing board. Ahead of January?s Toy Fair, ToyNews speaks to three toy designers to find out what makes them tick, whether eco credentials are really important, and what?s next...

Featured Jobs


Marketing Director UK

Gameplan I Southeast of England I Salary: Competitive I Date Published Monday 7th January 2019

Rainbow logo landscape_home of classic Final

Product Manager

Rainbow Designs Ltd I Olympia, London I Salary: Competitive I Date Published Wednesday 16th January 2019