Jakks makes staff cuts - ToyNews

Jakks makes staff cuts

Ahead of its Q3 results today, firm confirms it has laid off 100 employees.
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The redundancies have been made from the headquarters in Malibu and an overseas plant in Hong Kong as part of a previously announced restructuring.

The Malibu toy maker had warned that layoffs were coming during its second quarter report in July.

The company reported a loss of more than $406 million in the second quarter of 2009, mostly from one-time charges, compared with a profit of $4.2 million a year earlier.

It blamed the poor economy for slower sales of its Hannah Montana, WWE, Pokemon and Cabbage Patch Kids product lines.

Affected employees were notified by Friday last week, according to some laid off workers.

Company spokeswoman Genna Rosenberg confirmed the redundancies, but was unable to say how many Malibu workers had been affected.


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