Funko is making a 25% reduction in its global workforce, according to an SEC filing. The move is being made "in connection with its efforts to reduce costs and preserve liquidity in response to the uncertainty of the COVID-19 pandemic." The majority of the cuts will be made by the end of Q2, with the remainder coming by the end of Q3. The company will take a $1 million charge for termination costs.
Funko furloughed "a significant portion of its employees" in early April (see "Funko Cuts Incoming Shipments"), but these cuts will be permanent.
The move comes after an 18% drop in Q1 sales (see "Funko Q1 Sales Plunge 18%"), and an expected 60% drop in Q2 sales (see "Funko Expects 60% Q2 Sales Drop").
Not Furloughs, Gone
Posted by Milton Griepp on June 5, 2020 @ 3:40 am CT