The LEGO Group is to cut 1,400 jobs due to falling profit and slowing growth.
The Guardian reports that the company will make 1,400 redundancies by the end of the year, which is a massive 8% of the company’s staff. The LEGO Group’s revenue was down by £1.8 billion in the first half of 2017.
“We are very sorry to make changes which may interfere with the lives of many of our colleagues,” said Jørgen Vig Knudstorp, chairman of the group. “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.”
This follows the news that Bali Padda is to be replaced as CEO by Niels B. Christiansen, despite having been in the role for less than a year.