Funko plans to lay off 25% of its global workforce

Funko plans to lay off 25% of its global workforce

The Everett-based pop culture toy maker employs hundreds at its Everett headquarters and warehouse.

EVERETT — Funko, the Everett-based pop culture toy maker, expects to lay off about a quarter of its global workforce over the next few months to try to stanch the economic fallout from the COVID-19 pandemic.

Companywide, Funko employs about 1,000 people in the United States, Europe and Asia, including hundreds of workers at its corporate headquarters in downtown Everett and distribution warehouses near Paine Field.

The company, best known for its Pop figurines, announced the layoffs this week in a regulatory filing with the U.S. Securities and Exchange Commission.

In the U.S., Funko employs about 750 people at stores, warehouses and offices in Everett; San Diego; Hollywood; Chatsworth, California; and other locations.

Another 260 are employed in Europe and Asia, according to a 2019 annual report.

The layoffs, which would affect about 250 employees, are an attempt to “reduce costs and preserve liquidity in response to the uncertainty of the COVID-19 pandemic,” the company said in the regulatory filing.

Funko expects to incur about $1 million in charges related to employee termination benefits, the filing said.

“The majority of the workforce reduction will occur by the end of the second quarter of 2020 (June 30) and the remainder by the end of the third quarter of 2020 (September 30),” Funko said.

The company declined to comment on how many Everett-area employees might be affected.

Source: HeraldNet

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