other material
confidence high
sentiment neutral
materiality 0.70
Funko reduces workforce by 12-13% (~180-200 jobs); expects $2.4-2.8M charges, $20-22M annual savings
Funko, Inc.
- Reduction of approx 180-200 employees (12-13% of total workforce).
- Expects one-time charges of $2.4M to $2.8M, mostly in Q3 2023, primarily cash severance.
- Anticipates annualized run rate cash savings of $20M to $22M from the reduction.
- Part of initiative to rebalance cost structure into prioritized areas for long-term growth and margin improvement.
- Company may incur additional expenses not currently contemplated.