This pandemic has taken its toll, and we will continue to still see the fallout in the months to come. One big hit inside the toy community is the layoffs at Funko. We have already seen reports that Funko will be cutting back shipments this year, as well as postponing and canceling a lot of their upcoming collectibles. During the ongoing pandemic, Funko did close all their corporate offices and their two big HQ stores in Everette and Hollywood. Newly added sanitation and safety precautions have been included, but that has not been enough.
The hits just keep on coming as Funko has announced more layoffs are here and will impact 250 jobs at their home Everett base. This will reportedly save the company $1 million, and even top management is taking 20% pay cuts to try and catch up. Most of these layoffs will start at the end of June, with the end coming hopefully in September. These layoffs have already begun to appear in the most shocking way as Funko makes major marketing team members hang up their coats.
This is a huge surprise for Funko as this team mainly consisted of the hit toy podcast Funko Funkast. These changes will impact the company in the future from the content we see online to the live-streams, gaming events, and even more possible future virtual cons. After the success of the Virtual Con for ECCC, I am quite surprised Funko would let go some of their most prominent and most valuable members go. The community will be reeling in for these crazy changes, and we will all be watching in on what Funko's next moves are.
The real question now is this the end of Funko, and could we see the decline of one of the biggest collectible companies out there? Only time will tell, but our hearts and collections are with all those Funko members who have had say goodbye. We appreciated everything you have done, and it has a pleasure and a wild journey we all have been on. Safe travels friends, and when one door closes, another opens.