New Lego CEO takes on rebuilding the battered toy company, brick by brick [Los Angeles Times (CA)]
Mattel, Inc. (MAT)
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Source: Los Angeles Times
New Lego CEO takes on rebuilding the battered toy company, brick by brick There’s trouble in toyland, and Lego Group , the longtime Danish maker of plastic brick sets and swivel-arm toy characters for kids, hasn’t been exempt. After years of heady growth, Lego stunned the industry in September when it said its first-half 2017 sales fell for the first time in more than a decade. The privately held firm also cut 1,400 jobs, or nearly 8% of its global workforce, to adapt to the slowdown. Sales for the full year ultimately dropped 7% to $5.8 billion, excluding currency fluctuations (Lego toys are sold in 123 countries). And the demise of giant retailer Toys R Us Inc. only added to the pressure. Lego’s rivals Mattel Inc. and Hasbro Inc. also have struggled with slowing sales growth. Amid all this, Lego last fall named a new chief executive, Niels Christiansen, to turn things around. The 52-year-old Dane had been CEO of the Danish industrial group Danfoss. Christiansen is known for being di
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