Collectibles giant Funko has laid off approximately 200 employees, reducing its total workforce by 13% and saving around US$22 million. The company announced the layoffs just days before the scheduled release of its Q2 earnings report on August 3. 

Funko implemented the cuts last week as part of an ongoing restructuring, which it confirmed in an SEC filing. At press time, it was still unclear which specific departments had been affected. 

The company will take a termination charge and severance pay hit of US$2.4 million to US$2.8 million in its third quarter earnings as a direct result of the layoffs. 

Funko is restructuring to focus on supporting areas of business that are expected to drive long-term growth, including DTC. Ecommerce generated US$42.8 million in sales for the first quarter, representing 17% of the toyco’s total Q1 sales. This is a 61% spike compared to the same period last year. 

These latest cutbacks come just weeks after the company announced that Brian Mariotti would be taking an immediate leave of absence and step down as CEO. Interim CEO Michael Lunsford is overseeing the transition while the company looks for a new leader. 

This is Funko’s second round of layoffs this year. In March, it eliminated half of the staff at its Austin-based poster manufacturer Mondo (just one year after buying that business), including company co-founders Mitch Putnam and Robert Jones.