Posted in: Collectibles, Funko | Tagged: funko, Funko Layoffs, funko sdcc
Our condolences go out to the recent group of employees who have unfortunately been laid off by Funko as the company continues to face challenges.
Funko is currently experiencing a series of difficulties. Earlier this year, the company underwent a significant round of layoffs and wrote off millions of dollars worth of unsold inventory. Their stock price has plummeted to an alarming low, reaching half the price of a Pop collectible. Additionally, they recently made the decision to restructure Mondo, just a year after acquiring the company. To add to their troubles, their long-time CEO, Brian Mariotti, stepped away from the company shortly before SDCC and Funko Fundays, their annual major event. Now, just a few days after that, they have announced yet another round of layoffs, affecting approximately 180-200 employees. More detailed information about the layoffs can be found in this filing.
Indications of Trouble for Funko
There is a constant comparison made between Pops and Beanie Babies, and while Pops will likely hold value for a long time, there have been concerning signs within the company itself. Their disastrous attempt at NFTs, perplexing release schedules, an overwhelming amount of exclusives, and a secondary market controlled by unsavory resellers have all contributed to the decline of what was once an enjoyable brand, in the eyes of many. Both myself and BC collectibles editor Tyler used to be avid collectors, having amassed thousands of these figures. However, we no longer purchase any of them. The cultural appeal that celebrities once gained from having their own Funko Pops has long since disappeared. Common releases now sit unsold on shelves, while second-hand stores are overflowing with inventory. Does this situation sound familiar? The ultimate downfall for Funko was when they went public, which has become symbolic of the company’s challenges. Currently, their stock can be bought for only half the price of a Pop figure. One can only imagine the extraordinary rise and fall of this company will one day be chronicled in an exceptional book.
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