An hr source said they’re coming this month and that it will be very bad with lots of people getting lay-offed
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4% was laid off in the first round, 350 corporate jobs. Second round will come in August.
There is a deal in the works.
OMG. Someone seriously thought the government/Pelosi posts were serious?!?!?!? LOLOLOLOLOL THAT is exactly why Mattel is circling the drain. Well, aside from completely inept leadership. There are some very clever people on this site (who are very entertaining). And then a bunch of dumb–ses whose brains are clearly not firing on all cylinders. Mattel used to be a company that was filled with the best and the brightest. So creative. Now there are a handful of creative (and as noted, entertaining) peeps and the rest deserve what is coming. They couldn't think an original thought if their company depended on it!
Do we go in july go to Directv?
The corporate bailout covers US employees only.
I heard about this deal and I truly hope Trump and Pelosi can get it done, although apparently they've been unable to compromise because the Democrats are insisting it includes provisions like:
•increased fuel emissions standards for all Mattel company vehicles
• corporate student loan payments up to $50,000 for all Mattel employee's under the age of 40
• at least 40% of Mattel's energy needs in the US must be met using sustainable sources
• at least half of Mattel's board must be comprised of either women, people of color and/or members of the LGBTQA+ community and preferably by members who represent all three of these groups to maximize diversity
• the mandatory unionization of all exempt Mattel employee's in the US
• all Mattel employee's living in CA must house at least one homeless person and provide them with clean needles
• Mattel must supply all employees, regardless of gender, with onsite access to abortions and other forms of family planning services.
Hopefully they can work out the deal soon, people's livelihoods are at risk.
The bailout will buy time to figure out what functions are not really needed in super lean times. Everyone has to be on the payroll by/after June 30 to get the “grant.”
So there’s time to prepare your house for come what may throughout 2020. Plus, the bonus helps a lot. Just be smart. Toys are obviously not essential items.
Nancy Pelosi said she wants the government to buy Mattel. She and Trump are working on a deal now for a Federal bailout just for Mattel.
Mr Prabhu is leaving because the CFO and PwC were caught cooking the books under his watch.
It doesn’t need to be an HR source that said it. Anyone with half a brain knows lay offs are coming. Wait, everyone in HR has half a brain.....
OMG, the OP said "an hr source"... that's concrete enough evidence for me! No names or sources provided nor required! THIS IS THE END! OMG, OMG, OMG...!
AN HR SOURCE! It must be true! Woe is me! Woe 'R' US!
We will se what will happen in the next weeks.
The complete igorance of some of the posters here is astonishing. The government is NOT going to buy Mattel. The Comcast rumor was laughable, but the government rumor is just plain insane. The government bailed out banks because they are a backbone to our country's financial security. They will bail out airlines because air travel is critical to the economy. The government will always subsidize farmers because a domestic food supply is critical to our security. A "has-been" toy company is not essential to American (or any other country's) economic survival. Even if the IP were not sold, no one would miss Mattel's products. THE GOVERNMENT IS NOT BUYING MATTEL!
I can confirm.
Yes I agree sounds ridiculous. Government won't buy us out.
ridiculous
That would be really great. How much will they pay?
@fvbr+14itym5l
If you've been paying attention, you know there's a pretty good chance the Federal Government will buy Mattel in the next few weeks.
If that will be true thats incredible.
With the government support, things should be ok for a while till reality catches up.
Ok, when is this going to happen? Any news?
Just because Mattel fails does not mean MGA would fail. Mattel’s problem is a bad, inexperienced leadership team that pretends to make movies, quotes fake cost savings numbers and has a CFO who cooks the books. The other toy companies will buy the IP and start making Barbies and Hot Wheels when Mattel fails. The other toy companies actually have experienced leaders from their own industry.
MGA better hope that Mattel doesn't expire. If he thinks the mortgage is high on the beautiful new design complex now, wait until his incredible condos go unleased and unrented for years. That and who's making those LOL dolls when China is no longer an option? Maybe they can make them in Ohio at Little Tikes. Americans will be thrilled to work on the assembly line for a dollar and hour. Live at the Chattsworth complex?
When Mattel goes down in flames I’ll be the one standing next to Isaac roasting marshmallows and popping the champagne.
Who gives a sh–! No one WANTS to work for Mattel. S— that hoe dry! I am personally praying to ALL deities that I have a nice py-pink slip on my desk when i get back. If not, ill just keep milking this fat cow until her knees give out or CA falls into the ocean. Everybody chant: Mattel can go to hell!
Wouldn't that be a binch? Finally get back to the office only to be handed a pink slip. 😞
Do you really think they would lay us off while we have our PCs at home? Someone could go and throw a monkey wrench into the system, delete files. Etc. I don't see it happening while we are working from home. Thoughts?
When will the layoffs happen?
I didn't realize that "lay-offed" was a real word. WOW. I feel so SILLY for not knowing that. Thank you for bringing the matter to our attention. Now please get back to working from home with your incredible efficiency.
The broken deal with Comcast is the reason.
Can someone please explain what this covid19 thing is everyone keeps taking about?
Oh yes! Layoffs are coming, how they they not be?
Ynon is CEOvid-19, the useless virus that destroyed Mattel in conjunction with RDvid-19. The double whammy.
Knows someone that the CEO will go after COVID19?
If Ynan go, we getting half-day Fridays back? That all I care about.
Layoffs are definitely coming at end of April, lots of them!
No one wants to buy Mattel. Mattel is saddled with debt and toys are not perceived as a hot growth industry. There is absolutely nothing motivating anyone to buy Mattel. No one was going to buy Mattel before the Coronavirus and no one will buy them after.
There will be no acquisitions by any company due to uncertainty around Corona virus. Every smart company is conserving their cash and trying to minimize expenses until we get through this next year.
If they're planning mass layoffs it makes sense to keep in on for a few more months. They need a steady hand in the CFO chair to make sure the layoffs run smoothly.
Mattel said yesterday that Joe is staying beyond the 6 months that was previously announced due to the Covid virus.