Mattel has this morning revealed that it will be cutting 1,000 positions worldwide - about three per cent of its worldwide work force - saying that the current economic climate "amplified [its] need to address the appropriate future structure of the business".
An official statement from the toy giant said the job cuts would be a combination of layoffs, the elimination of open requisitions, attrition and retirements.
The statement said:
"Recently Mattel undertook a strategic initiative to analyze its cost structure to identify tangible opportunities to drive higher productivity and effectiveness in all areas of its global business. As this analysis was nearing completion, the global economy entered one of its most challenging and difficult periods in the last 100 years. The current economic environment has amplified the company’s need to address the appropriate future structure of the business, which includes streamlining its global workforce.
"The recent action means the net reduction of approximately 1,000 positions across the organization worldwide through a combination of layoffs, the elimination of open requisitions, attrition and retirements. In total, the reductions represent about three per cent of the company’s worldwide workforce, or eight per cent of the company’s global professional and management staff.
"This decision was an extremely difficult one; particularly considering the impact this action will have on our employees and their families. We are committed to treating every employee fairly, and with dignity and respect. In order to help our employees through this difficult transition, we will be offering severance benefits, outplacement services and other transitional support for eligible affected employees."