The iconic toymaker (and Europe’s largest) has announced it will cut 1,400 jobs, most before the end of 2017, reports Bloomberg. The company has seen a decline in sales and profit since its chairman Jorgen Vig Knudstorp stepped down as CEO last year. Since then, its revenues have declined for the first time in over a decade. In a statement, Knudstorp said:
“We are very sorry to make changes which may interfere with the lives of many of our colleagues. Our colleagues put so much passion into their work every day and we are deeply grateful for that. Unfortunately, it is essential for us to make these tough decisions.”
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