Funko, the popular maker of Pop! figurines, has recently announced a workforce reduction that is expected to affect between 180 and 200 employees. These numbers represent approximately 12% to 13% of the company’s total workforce.
According to a regulatory filing, the reduction is expected to result in charges between $2.4 million and $2.8 million, with the majority of these charges taking place during the third quarter. However, Funko believes that this move will lead to significant annualized run rate cash savings of about $20 million to $22 million.
This decision comes at a time when Funko is going through a leadership change. The company named Michael Lunsford, a board member, as its interim chief executive while they search for a permanent successor to Brian Mariotti. Although Mariotti has taken a leave of absence from his role as CEO, he will continue to serve on the board.
This workforce reduction is an important step for Funko as they strive to streamline operations and allocate resources more efficiently. By implementing these changes, they are positioning themselves for long-term success and continued growth.
