{"id":42066,"date":"2023-07-29T17:28:44","date_gmt":"2023-07-29T21:28:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/funko-to-lay-off-12-to-13-of-its-staff\/"},"modified":"2023-07-29T17:28:45","modified_gmt":"2023-07-29T21:28:45","slug":"funko-to-lay-off-12-to-13-of-its-staff","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42066","title":{"rendered":"Funko to lay off 12% to 13% of its staff"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002341165\" role=\"document\">\n<p>Funko Inc.<br \/>\n        FNKO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200276577\/composite\" class=\"positive\">+0.67%<\/bg-quote><br \/>\n       on Friday said that it planned to cut between roughly 180 to 200\u00a0employees, or around 12% to 13% of its staff, the latest effort to scale back as the toy maker deals with weaker industry-wide toy demand and tries to manage its costs. Funko \u2014 known for its Funko Pop dolls modeled after popular movie and comic-book characters \u2014 said in a filing that the decision took hold on Thursday. The company said the move was an effort to rebalance expenses into areas likelier to bring longer-term gains. That filing said the company expected to book charges of around $2.4\u00a0million to $2.8\u00a0million as a result of the decision, with most of that amount incurred in the third quarter. The company said the layoffs would likely result in \u201capproximately $20\u00a0million to $22 million of annualized run rate cash savings, excluding potential hiring of new employees or other additions to the company\u2019s costs and expenses.\u201d Funko laid off some employees earlier in the year. The company said this month that Chief Executive Brian Mariotti would take a leave of absence to \u201crecharge.\u201d Toy sales have suffered after a pandemic-era buying binge, and after retailers grew more cautious about stocking up with more of them. Shares fell 0.7% after hours. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/funko-to-lay-off-12-to-13-of-its-staff-3c8c7042?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Funko Inc. FNKO, +0.67% on Friday said that it planned to cut between roughly 180 to 200\u00a0employees, or around 12% to 13% of its staff, the latest effort to scale back as the toy maker deals with weaker industry-wide toy demand and tries to manage its costs. Funko \u2014 known for its Funko Pop dolls [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-42066","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Funko to lay off 12% to 13% of its staff | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Funko Inc. FNKO, +0.67% on Friday said that it planned to cut between roughly 180 to 200\u00a0employees, or around 12% to 13% of its staff, the latest effort\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=42066\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Funko to lay off 12% to 13% of its staff | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Funko Inc. 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