Is The Iconic Barbie Doll Doomed? Mattel Lays Off Workers

LOS ANGELES COUNTY, CA -- As the iconic Barbie doll struggles to win over a new generation, Los Angeles County-based toy maker Mattel announced it laid off 70 employees this month. The Los Angeles Times reported the lay offs come "during a time of financial struggle for the El Segundo-based toymaker, whose brands include Barbie, Fisher-Price and Hot Wheels."

The newspaper reported that the company said it would outsource "the production of certain brands" and close "underperforming retail locations."

"Mattel said in the filing its sales would suffer this holiday season because some of its brands are underperforming," the Los Angeles Times reported. "The toymaker predicted a decline in sales of 'a percentage in at least the mid-to-high single digits' compared with 2016. It also expected to incur $200 million in severance and restructuring costs until 2019."

Mattel has been struggling to regain its footing, naming a former Google executive to its top post earlier this year. CEO Margo Georgiadis is attempting to bring the company into the digital age. Fortunereported the company unveiled its first-ever "wif-fi, voice-activated" Barbie Dreamhouse.

--Photo via Pixabay/Alexas_Fotos