Tuesday, 18 December, 2018

Lego cuts 1400 jobs as sales fall in Europe and America

Lego slashes 1,400 jobs as sales slump Leon Neal Getty Images
Orlando Vargas | 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.

General Electric Company (GE), Vedanta Limited (VEDL)
Paragon Capital Mngmt Limited Liability Co invested 0.14% of its portfolio in General Electric Company (NYSE:GE). On Monday, May 1 EAMES EDWARD JULIAN sold $593,442 worth of F5 Networks, Inc. (NASDAQ:SPRT) for 8,500 shares.


Google Street View images are about to get a lot clearer
According to a report from Wired , this is the first significant update to the tech used by the Street View fleet in eight years. Those cameras are present to feed clean zoomed images into Google's algorithms to identify street signs and other objects.


Kohl's to sell Amazon products in Chicago, Los Angeles stores
EDT, after the company announced a retail partnership with Amazon.com (NASDAQ: AMZN ) to sell smart home products. Shares of Kohl's Corporation (NYSE: KSS ) have jumped Wednesday, up by 5% as of 12:20 p.m.


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.

However, the company said Bali Padda's replacement was not related to his performance.

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.

Recommended

  • Entercom's

    Entercom's "I'm Listening" Campaign

    Reality: You do not need to be a mental health professional or doctor to aid someone through a suicidal crisis. With help and support, suicidal people can recover their mental health and well-being.
    Storm Katia builds in Caribbean as Irma strikes

    Storm Katia builds in Caribbean as Irma strikes

    Strengthening is forecast and Katia could become a hurricane before it approaches the coast of Veracruz in a couple of days. The highest cloud tops, corresponding to the most vigorous convection, are shown in the brightest red colors.
    Insurance Commissioners Want CSR Funding For Two-Plus Years, Streamlined 1332s

    Insurance Commissioners Want CSR Funding For Two-Plus Years, Streamlined 1332s

    A small, bipartisan package has a far better shot at getting through the House and Senate after Republicans' previous failures. The Senate Health, Education, Labor and Pensions Committee plans four health care hearings - with the first one Wednesday.
  • Putin says Trump 'not my bride, and I'm not his groom'

    Meanwhile, North Korea's traditional allies, Russian Federation and China, are proving increasingly impatient and unreliable. We believe this action was unwarranted and detrimental to the overall relationship between our countries.
    Angry Birds Maker Rovio Planning IPO

    Angry Birds Maker Rovio Planning IPO

    The gaming app, which was released in 2009, allows players to sling virtual birds at enemy pigs to save their eggs. Ultimately, the business shifted from pay-to-play, where players buy the video game, to a free-to-play model.
    Henry County police respond to escaped tiger

    Henry County police respond to escaped tiger

    A tiger was reportedly on the loose in a metro Atlanta neighborhood, and authorities still aren't quite sure where it came from. Brittney Speck, the homeowner in question, awoke to high-beam lights shining through her windows at shortly before 6:30 a.m.
  • Tory MEP still a European thanks to Irish passport

    Tory MEP still a European thanks to Irish passport

    The Irish Government has already said Northern Ireland should retain the benefits of the European customs union after Brexit . Tannock is an avid pro-European and regularly Tweets off-message tweets about the consequences of Brexit.
    Congress returns to Washington with agenda upended by Harvey

    Congress returns to Washington with agenda upended by Harvey

    These questions could be answered when House and Senate tax committee leaders release their detailed framework later this month. He also pardoned former Arizona Sheriff Joe Arpaio, despite his conviction for contempt in a case linked to racial profiling.
    Sarah Huckabee Sanders Clash Over Trump's 'Horrifying' Treatment of Women, DACA

    Sarah Huckabee Sanders Clash Over Trump's 'Horrifying' Treatment of Women, DACA

    He is the President whether they voted for him or not ... "Who approved you coming here?" co-host Joy Behar asked Sanders. Wait, did I say Nancy Pelosi? How can you support someone like that? .
  • Facebook Is Big, But It Can't Reach Young People Who Don't Exist

    Facebook Is Big, But It Can't Reach Young People Who Don't Exist

    For its part, Facebook says that its own population metrics differ from census data because it counts non-citizens in its data. In November, Facebook launched a blog called Metrics FYI to share updates and corrections for its data.

    Eagle Creek trail hiker heard 'loud bang,' saw smoke

    The Eagle Creek fire started Saturday along the Eagle Creek trail, southeast of Cascade Locks and about 50 miles east of Portland. Hundreds of homes have been evacuated so far in OR and neighboring Washington state, and officials say more could be coming.
    Mobile will give you free Netflix from September 12

    Mobile will give you free Netflix from September 12

    If customers have or want the premium Netflix subscription, they pay an additional $2 dollars on their wireless bill. NOTE: If the two lines are for a pair of users that are 55-years of age or older, the price is $60 a month, total.

Miami cancels A-State game over Hurricane Irma threat Miami cancels A-State game over Hurricane Irma threat Governor Rick Scott and President Frenk both declared a State of Emergency in advance of Hurricane Irma's approach to Florida. The week two matchup between the Arkansas State Red Wolves and the Miami Hurricanes is now officially cancelled .

Microscopic plastic found in drinking water Microscopic plastic found in drinking water By far the majority of particles found were fibres ranging from 0.1 to five millimetres (0.004-0.2 inches) in length. European nations including the UK, Germany and France had the lowest contamination rate, but this was still 72%.

Kenyatta dismisses Odinga's rejection of October rerun Kenyatta dismisses Odinga's rejection of October rerun Veteran Kenyan opposition leader Raila Odinga, who challenged the result in court, hailed the "historic" ruling. That vote led to an outbreak of violence that led to 1,200 people being killed.

Huawei Wants Cloud Providers To Collaborate Like Airlines Huawei Wants Cloud Providers To Collaborate Like Airlines The second element of Huawei's cloud DNA is security - the firm provides end-to-end security solutions from chipsets to services. It is like a hydra, a creature with many heads. " Huawei will work with partners to build one of the world's top five clouds ".

Iraqi F-16 jet crashes during training mission in US Iraqi F-16 jet crashes during training mission in US An F-16 Fighting Falcon crashed 20 miles northwest of Safford on Tuesday at 3 p.m. However, officials said they could not confirm the status of the pilot.

Florida Sheriff: Irma Shelters Will Check IDs, Arrest Fugitives Florida Sheriff: Irma Shelters Will Check IDs, Arrest Fugitives The complex ethics involved with Judd's move can't be fully sussed out in a single tweet , and the policy raises a number of questions.

Froome cut back in Vuelta Froome cut back in Vuelta BRITAIN'S Chris Froome remains on course to be the first man to win both the Tour de France and Vuelta a España in a single season since 1978.

Pradhan, Goyal, Sitharaman and Naqvi take oath as cabinet ministers Pradhan, Goyal, Sitharaman and Naqvi take oath as cabinet ministers Her father, Narayanan Sitharaman worked in the Railways while her mother, Savitri, was a homemaker and a great lover of books. The ministry was once again allotted as additional charge to Jaitley and that's how it has been for six months now.

Missing Teen Found, Reunited With Family Missing Teen Found, Reunited With Family She reportedly agreed to get into his auto , and he drove her to his home, where Josh Holby also lives. Police believe releasing the names of those arrested could jeopardize the ongoing investigation.

Ezekiel Elliott suspension appeal Ezekiel Elliott suspension appeal District Court Judge Amos Mazzant III will determine if the suspension can be postponed while he reviews the petition. The NFL said there was evidence Elliott "used physical force" on a woman he had been romantically involved with.

Florida preps for mass evacuations, braces for possible gridlock Florida preps for mass evacuations, braces for possible gridlock Some 40,000 people live in the French part of Saint Martin, with around the same number estimated to live on the Dutch side. The French government said earlier it was anxious about thousands of people who had refused to seek shelter on the islands.

Browns' Myles Garrett tweaks ankle in practice Browns' Myles Garrett tweaks ankle in practice Of course, they're paying you to take down Big Ben and beat the Pittsburgh Steelers and it all starts with a good rush", he said. It now, however, remains to be seen whether or not Garrett's ankle will allow him to be a part of that effort on Sunday.

USA trade deficit widened slightly in July as exports slipped USA  trade deficit widened slightly in July as exports slipped Through July the deficit with China climbed to $204.2 billion, almost 7 percent higher than the first seven months of 2016. The Commerce Department said the trade deficit widened to $43.7 billion in July from a revised $43.5 billion in June.

Catalan parliament passes 'illegal' referendum bill Catalan parliament passes 'illegal' referendum bill Prime Minister Mariano Rajoy called on Spain's constitutional court to nullify the bill the moment it was agreed. The parliament chair on Wednesday rejected complaints by opposition parties about alleged procedural flaws.

Shraddha for Telugu and Prabhas for Hindi Shraddha for Telugu and Prabhas for Hindi Post Baahubali-The Conclusion, All eyes are on Prabhas and they would like to know every update of his latest film. Saaho will be Shraddha's first Telugu movie and at the same time Prabhas's first one in Hindi as well.