Funko, the Everett-based designer and marketer of pop culture figurines, will cut a quarter of its global workforce, laying off about 250 people as it copes with the economic fallout of the COVID-19 pandemic.
The company said in a brief regulatory filing late Wednesday it expects “a majority of the workforce reduction” will take place by the end of June, and the rest by the end of the third quarter, meaning September.
Funko CEO Brian Mariotti told shareholders during a virtual annual meeting May 27 that in response to the pandemic, the company initially “closed all of our corporate offices and our 2 flagship retail stores,” and added safety precautions at its distribution centers. It also has “accelerated the expansion of Funko’s e-commerce platform,” he said.
The company said in April it was furloughing a “significant portion” of its employees, and that top management would take a 20% pay cut through the end of June.