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February 2, 2006
LOS ANGELES -- Toy maker Mattel Inc. said Thursday it will cut more than 200 jobs in the first quarter of this year, continuing a consolidation of its business that began last fall.
The jobs will largely be cut from the company's headquarters in El Segundo, Calif. and represent about 1 percent of Mattel's worldwide staff, the company said in a filing with the Securities and Exchange Commission.
The cuts will be made through a combination of layoffs, attrition, retirements and elimination of open positions.
The company said it expects to recognize $10 million to $13 million in expenses during the first quarter as a result of the job cuts.
Mattel, the world's largest toy maker, has been struggling amid declining sales of its flagship fashion doll, Barbie, and other toys. On Monday it reported a 2 percent decline in fourth-quarter profit.
In October, the company announced it was consolidating its Mattel Brands and Fisher-Price Brands into one division called Mattel Brands. The move coincided with the exit of Matthew Bousquette, the executive who had been in charge of overseeing Mattel's core brands, including Barbie.
Mattel named Neil B. Friedman, who had been president of the Fisher-Price Brands unit, to run the new combined Mattel Brands division.
Mattel shares fell 17 cents to close at $16.38 on the New York Stock Exchange.
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