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Jakks Pacific Lays Off 100 Employees

Posted by YBMW Staff on October 20th, 2009
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According to Toy News Online, ahead of its Q3 results today, Jakks Pacific confirms that they has laid off 100 employees.

The layoffs have been made from the headquarters in Malibu and an overseas plant in Hong Kong as part of a previously announced restructuring 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.

Source: Toynewsmag

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