Funko Undergoes Major Layoffs & Restructuring

by Outsiders
July 29, 2023
Funko, the toy and collectible company that put Pop! in the pop culture disclosed in a securities filing Friday that they are facing a reconstruction and will be laying off between 180-200 employees, representing about 12-13 percent of its workforce.

The company will incur charges of up to $2.8 million associated with the layoffs, but that will result in $20 million to $22 million of annualized run rate cash savings. Funko feels that reducing their staff is part of the company's task to re-balance their cost structure into main parts of the company that will make give them more long-term growth and improve margins. In doing so, this will make the company reduce areas of lesser importance to their products and establishments.

This isn't the first time Funko has done layoffs as they have already laid off 150 employees earlier this year, and cut back its collectible movie poster business which operated under the Mondo brand name, which it had acquired for $14 million just a year earlier.

Funko is best known for its Funko Pop! figurines, which are based on licenses to well-known entertainment, sports, and pop culture franchises. The company expanded and pushed into more premium collectibles, but with the market taking a steady decline after the COVID-19 pandemic, the sale of the companies products have slowed to a steady crawl, which forced the company to literally dump $30 million worth of its inventory into a land-fill dump.

Source: The Hollywood Reporter

Member Comments

start the coversation with yours

(Membership Required)


Search Online Stores for Funko Undergoes Majo

Toys Shopping Oniine

MORE Funko

This site uses cookies for site configuration, advertising, and analysis. By using this site you accept our policies - Read Full Site Policy OK
Sign Up For The TNI Newsletter And Have The News Delivered To You!

Forums Communities: Toy Fans - Marvel Fans - Transformers Fans

@ToyNewsI Socials: Facebook - Twitter - Instagram

@MarvelousNews Socials: Facebook - Twitter - Instagram

@Tformers Socials: Facebook - Twitter - Instagram

@JediInsider Socials: Facebook - Twitter - Instagram

Entertainment News International (ENI) is the #1 popular culture network for adult fans all around the world.
Get the scoop on all the popular comics, games, movies, toys, and more every day!

Contact and Support

Advertising | Submit News | Contact ENI | Privacy Policy

©Entertainment News International - All images, trademarks, logos, video, brands and images used on this website are registered trademarks of their respective companies and owners. All Rights Reserved. Data has been shared for news reporting purposes only. All content sourced by fans, online websites, and or other fan community sources. Entertainment News International is not responsible for reporting errors, inaccuracies, omissions, and or other liablities related to news shared here. We do our best to keep tabs on infringements. If some of your content was shared by accident. Contact us about any infringements right away - CLICK HERE