Funko is a company that produces licensed collectibles from culture pop, including vinyl figurines, bobbleheads, plush toys and other merchandise. The company was founded in 1998 and is headquartered in Everett, Washington.
Recently, the company claims to be in a lot of trouble and is preparing to throw hundreds of thousands of its figurines in the trash. "Year-end inventory totaled $246.4 million, up 48% year-over-year," the company wrote in a press release.
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The statement further adds:
“This includes inventory that the company intends to eliminate in the first half of 2023 to reduce inventory costs. service by managing inventory levels to align with the operational capacity of our distribution. This is expected to result in a reduction in the first half of 2023 of approximately $30-$36 million.”
Several replicas have accumulated, like Spider-Man, Pikachu and other vaguely famous cultural icons, and throwing them away will be cheaper than trying to sell them.
Brian Mariotti, CEO of the company, said that a new distribution center in Arizona was completely full and that the company was spending money renting containers to hold all the excess stock.
The company's share price dropped sharply last November as Funko slashed its financial outlook. for the year, and fell another 25% this week, when the company revealed it would also lay off around 10% of its employees.
In addition to Pop! In the vinyl line, Funko produces a wide range of products, including key chains, t-shirts, backpacks and other accessories with characters graduates. The company has partnerships with many of the top entertainment companies, including Disney, Marvel, DC Comics, Warner Bros. and many others.
About the figurines, another ton of them seems to be destined for a landfill somewhere in Arizona. Pretty sad, isn't it?!
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