Results tagged “Mattel” from Biz Waves

Mattel needs to get past this lead issue as quickly as possible to avoid any further by press.

Mattel Settles Claims Over Recalled Toys With High Lead Levels

Oct. 14 (Bloomberg) -- Mattel Inc., the world's largest toymaker, settled a consolidated group lawsuit by consumers over recalled toys that contained excessive levels of lead.

"Mattel's previously reported financial results have included charges to reserve for this litigation, and the terms of this final settlement were not material to the company's operating results," the El Segundo, California-based company said yesterday in a statement.

The settlement provides "tens of millions of dollars in monetary relief," plaintiff law firm Whatley Drake & Kallas LLC said in a statement. Consumers who participated in the recall will get either a check for 50 percent of the total vouchers they sent in or $10, whichever is greater, according to the law firm.

Read more on Mattel's lead settlement.

If you read the story on Mattel's new more authentic-appearing black Barbie, called So In Style. Here's some more information from the El Segundo-based toy company.

- The So In Style dolls are not the first black dolls from Mattel. The company has had black dolls since the 1960s.

- Barbie is represented in more than 50 nationalities.

- The So In Style Doll line had been in development for over 18 months.

El Segundo-based Mattel Inc., the world's biggest toy maker, said Thursday that it will cut less than 80 positions worldwide in an effort to further streamline the company.

Mattel did not say where or in which positions the cuts would occur.

"Today's action means the net reduction of less than 80 positions worldwide through a combination of layoffs, the elimination of open requisitions, attrition and retirements," a Mattel statement said.

Mattel said it will offer its eligible employees severance benefits, outplacement services and "other transitional support."

Mattel employs about 1,600 people in El Segundo and 30,000 in 43 countries and territories.

In November of last year, the maker of Barbie, American Girl and Fisher-Price products announced it was cutting about 1,000 jobs in its worldwide operations, including 170 at its El Segundo headquarters.

That earlier downsizing came amid the backdrop of a worldwide economic downturn that saw a drop in toy sales.