Toront0, Canada-based Spin Master Toys has made notable staff cuts across its global operations, including its Toronto, L.A. and Asian offices.
It’s rumored that the toy manufacturer laid off 20% of its 1,000-member workforce yesterday. The company’s VP of global communications and promotions Harold Chizick would not confirm nor deny the 20% figure, but did say the cuts were significant. He added that a number of factors, including the overall decline in the global economic climate, contributed to the decision to make the cuts and said the employees that have been laid off are “receiving appropriate support.”
As noted in Kidscreen’s April issue, toy manufacturers were facing at least a 15% hike production costs this year as the price of core manufacturing materials like plastics and cotton, not to mention labor costs, were on the rise in China – the undisputed center of global toy production.