Funko reorganizes its Mondo operations

The collectibles giant is cutting 50% of the workforce at one of its newest acquisitions, with lead execs Mitch Putnam and Robert Jones on the departure list.
March 27, 2023

Funko has laid off half the staff at Austin-based collectibles manufacturer Mondo, reducing its workforce from 40 people to 20. 

The collectibles giant acquired Mondo from theater chain operator Alamo Drafthouse Cinema for an undisclosed amount in June 2022. The company is best known for producing and selling limited-edition collectibles (including vinyl records), licensed Masters of the Universe action figures and screen-printed movie posters of Star Wars and Marvel films. 

Mondo co-founders Mitch Putnam and Robert Jones have both been let go, along with senior creative director Eric Garza. But the toy, vinyl record and poster business will continue to operate, according to a Funko spokesperson. 

Funko is facing many of the same headwinds that are challenging toy and CP companies across the spectrum right now, with issues such as unsold inventory weighing on the bottom line. Despite a 29% uptick in net sales from US$1 billion to US$1.3 billion in 2022, Funko’s net income decreased by 108% year over year, from US$67.9 million in 2021 to US$5.2 million in 2022. 

As outlined by CEO Brian Mariotti in its 2023 cost savings plan, Funko plans to reduce its workforce by 10% and destroy approximately US$36 million in unsold inventory in the first half of the year. 

 

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