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Toymaker Lego to cut 8 pct of staff as sales decline

From Reuters - September 5, 2017

COPENHAGEN (Reuters) - Toymaker Lego announced plans to lay off 8 percent of its workforce as it reported a 5 percent fall in mid-year revenue.

The unlisted maker of colorful plastic bricks reported revenue of 14.9 billion Danish crowns ($2.38 billion).

That topped My Little Pony producer Hasbro Incs (HAS.O) sales of $1.82 billion and Barbie doll maker Mattel Incs (MAT.O) $1.71 billion.

We are disappointed by the decline in revenue in our established markets, and we have taken steps to address this, Chairman Jorgen Vig Knudstorp said.

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