Mattel is laying off more than 2,200 employees after a dismal quarter.
The company said Wednesday that it’s firing 22% of its non-manufacturing workforce.
“We see a lot of opportunities, but there has been a big discrepancy between our financial performance over the last few years and where the company should be,” Mattel CEO Ynon Kreiz said in a statement.
Kreiz was named chief executive in April. He took over for Margo Georgiadis, who held the top spot at the struggling toymaker for just over a year.
The company said its big sales decline was primarily due to the Toys “R’ Us bankruptcy.
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