Toymaker Lego Announces Job Cut
Lego has announced to be shedding 8 percent of its workforce by the end of 2017 as the business has suffered its first drop in sales in over a decade period.
The plastic brick maker said demand of its product has become weaker in established markets like United States and parts of Europe even though the revenue was in double digit in China.
The company has 18,200 employees worldwide.It is based in Billund, Denmark. It is controlled by the founding Kristensen family.
The toymaker has five main office hubs in Billund, Enfield in the United States, Singapore, Shanghai and London. Its factories are located in Hungary, Mexico, Czech Republic, Denmark and China. In United Kingdom it has about 900 employees.
In the first six months of 2017 the company saw a revenue loss of 6 percent to 14.9 billion Danish krone, and the net profit fell 3 percent to 3.4 billion Danish krone.
Knudstorp said the business has been suffering from complex structure and this was due to rapid growth of the company in past five years.
He added, “In the process, we have added complexity into the organisation which now in turn makes it harder for us to grow further. As a result, we have now pressed the reset-button for the entire group.”http://www.dailynewsz.com/toymaker-lego-announces-job-cut/http://www.dailynewsz.com/wp-content/uploads/2017/09/Toymaker-Lego-Announces-Job-Cut.jpghttp://www.dailynewsz.com/wp-content/uploads/2017/09/Toymaker-Lego-Announces-Job-Cut-300x300.jpgBusinessjob cut,lego