More layoffs are coming as the demise of the company is because of short sightedness of the Board for more than 10 years. While being solely focused on fashion dolls as the cash-cow, they never paid enough attention to the other brands to improve their margins.
Now, as fashion dolls in general are in decline, Barbie is revealed as the has-been she really is. Kids want products with stories, and Barbie has none. There is no possible recovery to this as the decline is so massive and the other brands are incapable of making up the margin $$$ lost.
Where is Mattel going to come up with a brand that is $1billion in wholesale revenue and delivering fashion doll margins? That's what it would take to turn the company around. It's literally impossible and while I'd love to blame this on the soulless execs recently departed, it's really been going on for a couple of decades. Mattel has been ill prepared for an inevitable irrelevance of it's #1 Brand and profit driver. They should never have put all their eggs in one basket - but that's exactly what they did and now the basket is empty and their no chicken big enough in their portfolio to fill it again.
Goodbye Mattel - maybe you should call Sears to learn from them on how to sell off your brands like they did. :)