Lego cuts 1400 jobs as sales fall in Europe and America
Lego cuts 1400 jobs as sales fall in Europe and America
Leon Neal Getty Images
07 September, 2017, 02:28
Revenue fell six per cent in the first half of 2017 to 14.9bn Danish krone, while net profit was down three per cent at 3.3bn Danish krone.
"Our colleagues put so much passion into their work every day and we are deeply grateful for that".
A statement from the Denmark-based LEGO Group said in recent years it built an "increasingly complex organization" to support strong growth. It was the first fall in sales since 2004.
The Danish toymaker announced a 5-percent decline in mid-year revenue a month after abruptly removing its chief executive, suggesting it is facing its biggest test since flirting with bankruptcy in the early 2000s.
Lego said there was double-digit growth in China where there was still "massive upside potential".
Lego attributed the declining performance to declining sales in established markets in the U.S. and Europe, and said that the business had become too complicated to facilitate further growth.
Jørgen Vig Knudstorp, Chairman of Lego Brand Group, said in an interview: "The vehicle has gone off the road and landed in a ditch and now we have to pull it out and get it back up to speed again", according to The Wall Street Journal.
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He would seek a return to a leaner and more efficient organisation to respond to "losing momentum. which we think could ultimately lead to stagnation or even decline". "Unfortunately, it is essential for us to make these tough decisions", he added.
More than 1,400 jobs will be lost at Lego as the company is hit by falling sales in Europe and America.
However, that meant it had "added complexity into the organisation which now in turn makes it harder for us to grow further". More children use mobile devices for entertainment, leaving Lego to battle not just its traditional rivals like Mattel Inc and Hasbro Inc.
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Knudstorp said the ownership is working to "build a smaller and less complex organization", which will involve a simplified business model and leaner workforce. "It will also impact our costs", said Knudstorp.
On Tuesday, the company, which now employs about 18,200 people, said its structure had become too complex.
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