Danish toymaker Lego has announced that it's cutting 1,400 jobs globally by the end of this year, following its first drop in sales since 2004.
The Guardian reports that the company - which celebrated its 85th anniversary last month - has seen revenue fall 6% (down to 14.9bn Danish krone, or £1.8bn), with net profit down 3%, following weaker demand from its established bases in the USA and parts of Europe.
Describing the job losses as a "reset button" and admitting that the company has become "too complex" to support global growth, the company's goal is to "reach more children" in Europe and the United States, as well as capitalising on their recent double-digit growth in China. The plan is to achieve this by utilising a "smaller and "less complex" organisation and "simplify" the business model, the first steps of which are the job losses.
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The Guardian reports that the company - which celebrated its 85th anniversary last month - has seen revenue fall 6% (down to 14.9bn Danish krone, or £1.8bn), with net profit down 3%, following weaker demand from its established bases in the USA and parts of Europe.
Describing the job losses as a "reset button" and admitting that the company has become "too complex" to support global growth, the company's goal is to "reach more children" in Europe and the United States, as well as capitalising on their recent double-digit growth in China. The plan is to achieve this by utilising a "smaller and "less complex" organisation and "simplify" the business model, the first steps of which are the job losses.
Continue reading…
Continue reading...