Jul 26, 2018

Mattel slashing more than 2,200 jobs after Toys "R" Us demise

Barbie dolls, made by Mattel, displayed on a shelf at a Target store in San Rafael, California. Photo: Justin Sullivan/Getty Images

Mattel said Wednesday it’s cutting 2,200 jobs, which the toy and iconic Barbie doll maker said represented 22% of its global non-manufacturing workforce.

The timing: This comes amid slumping sales and losses following Toys “R” Us, a key retailer, closing its stores last month after filing for bankruptcy. The company's CFO said the job cuts are part of of a $650-million cost-cutting plan announced last year, and that it will also sell manufacturing sites in Mexico.

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#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.