Toymaker Lego to cut 8 percent of staff as sales decline

COPENHAGEN (Reuters) – Toymaker Lego announced plans to lay off 8 percent of its workforce as it reported a 5 percent fall in mid-year revenue.

The unlisted maker of colorful plastic bricks reported revenue of 14.9 billion Danish crowns ($2.38 billion).

That topped My Little Pony producer Hasbro Inc&rsquo-s (HAS.O) sales of $1.82 billion and Barbie doll maker Mattel Inc&rsquo-s (MAT.O) $1.71 billion.

&ldquo-We are disappointed by the decline in revenue in our established markets, and we have taken steps to address this,&rdquo- Chairman Jorgen Vig Knudstorp said.

Lego said it will cut approximately 1,400 positions, the majority of them before the end of 2017. The company currently employs some 18,200 people.

&ldquo-We are very sorry to make changes which may interfere with the lives of many of our colleagues,&rdquo- Knudstorp said. &ldquo-Unfortunately, it is essential for us to make these tough decisions.&rdquo-

Lego last month removed CEO Bali Padda after just eight months, replacing the Briton with Danish industrialist Niels B. Christiansen.