Funko Cuts Incoming Shipments During COVID-19 Outbreak
That’s why we were sad to hear the toy company is really feeling the pressure during the COVID-19 crisis. According to a recent post that appeared on ICv2.com, it was revealed that Funko is taking a number of steps to brace itself during the coronavirus crisis.
Measures include making cuts to incoming shipments to reflect the reduced demand. Funko will also reportedly be cutting its orders for new product as well as staff costs. The company advised that “A significant portion of its employees will be furloughed starting this week (April 5, 2020.) Upper management is also expected to make salary cuts.
In a final measure, the company is also expected to cut budgets related to new product development. These measures are being taken as a way to recoup after a tough Q4 earnings report which saw an overall decrease in holiday sales.
This is a story that we’ll be following closely here at MickeyBlog, readers are encouraged to keep checking back for the latest news and updates.
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