Mattel to shut New York office amid $650 million cost savings programme

The closing, which will take place in phases through the rest of the year, will affect around 100 employees.
Author:
Publish date:
Social count:
115
mattel NY

Toymaker Mattel is closing its New York office as part of a previously announced $650 million cost saving plan.

The closing, which will take place in phases through the rest of the year, will affect around 100 employees.

A spokesperson told CNBC that the office was not a strategic location for the company. Most or all of the employees will be relocated to one of the firm’s other principal locations in the US, such as Los Angeles, East Aurora, Middleton Wisconsin and London.

Mattel had announced a cost savings programme in October last year with the goal to eliminate $650 million over two years, a third of which it expects to achieve this year.

The toy company has had a tough year so far, impacted by the bankruptcy and liquidation of Toys R Us, its second largest customer and retailer of many of its exclusives.

“Our fourth quarter performance reflects a tough quarter as part of what was a difficult and extraordinary year for Mattel,” Mattel CEO Margo Georgiadis told analysts at a company earnings call.

Mattel saw net sales drop 11 per cent for the year.

Related

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.