In the wakes of job cuts overseas in China, US toy manufacturer Mattel, the largest makers of toys such as Barbie dolls and Batman action figures announced on Thursday that it would cut a thousand jobs worldwide as a result to the increasing economic concerns and high production cost of raw material.

This massive cut amounts to 3.0 percent of its workforce and is known to include layoffs, eliminating open positions and retirements.

According to spokeswoman Lisa Marie Bongiovanni, Mattel has already cut 170 jobs at its El Segundo headquarters.

Source: Yahoo!