Jakks swings ax in advance of Q3 numbers
By Staff -- Playthings, 10/20/2009 7:07:00 AM
MALIBU, Calif.—Jakks Pacific laid off approximately 100 of its employees late last week, according to Los Angeles-area media reports.
The move impacted employees at its California headquarters and at its facility in Hong Kong, the Los Angeles Business Journal reported yesterday.
The workforce reduction came on the eve of the toymaker’s third quarter financial results, due out on Wednesday, Oct. 21, and follows a second quarter of 2009 during which the company lost $406.5 million, due primarily to one-time charges.
In announcing its second quarter results in late July, the toymaker had said it planned to make “significant cost-reduction measures company-wide” in reaction to its first half results and to forecasts for lower than expected sales for the rest of the year.
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