Posted in: Collectibles, Funko | Tagged: funko, Funko Layoffs, funko sdcc

Funko Is Laying Off Another Round Of Employees

Our thoughts are with the latest round of employees that have been laid off by Funko as problems at the company continue.

Funko is going through it. Earlier this year, the company went through a huge round of layoffs. They also wrote off millions of dollars of unsold inventory that they ended up throwing in the trash. The stock price is at a low number that costs about half as much as a Pop itself. They gut Mondo a year after buying it. Their longtime CEO Brian Mariotti stepped away from the company about a week or so before SDCC and their big yearly event Funko Fundays. And now, just a couple days after that, another round of layoffs has been announced. this time, 180-200 employees will be affected. A whole bunch of corporate details can be found here in the filing about the layoffs.

Signs of Trouble at Funko

The comparison is made between Pops and Beanie Babies constantly, and while there will be value in Pops for a long time to come, there have been troubling signs at the company itself. Their disastrous foray into NFTs, puzzling release schedules, endless exclusives, and a secondary market full of toxic resellers have all led what was once a fun brand down the toilet in the eyes of many. Myself and BC collectibles editor Tyler used to have literally thousands of the things, and now neither of us buys any of them. All of the pop culture street cred celebrities used to get from having their own Funko Pop went away a long time ago. Common releases rot on shelves, and second-hand stores are full of inventory. Sound familiar? The real nail in the coffin for Funko was going public, which from the day they went live on the trading floor to now, seems symbolic of the company's woes. You can grab a share of their stock for exactly half of what a Pop figure would cost you right now. An excellent book about the company's rise and fall will come out someday.

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