Funko says that “everyone is a fan of something,” but you can be sure that layoffs don’t fall into that category.
As the impact of the COVID-19 pandemic continues to hit businesses — including those in the pop culture community — temporary furloughs due to coronavirus-related closures are becoming permanent layoffs for some.
In its latest Form 8-K filing with the U.S. Securities and Exchange Commission (SEC), Funko revealed that it expects to incur approximately $1 million in charges related to certain termination benefits due to a 25% reduction in its global workforce.
The Pop Insider has confirmed that some layoffs have already taken place, and Funko says that the majority of its workforce reduction will occur by the end of the second quarter with the remainder of cuts to occur by the end of the third quarter.
Sadly, many will be affected by the cancelation of Comic-Con International: San Diego (SDCC) and other major events this summer. Funko may be the prime example as they’ve been tethered to the live event space.