Toronto-based toy maker Spin Master cuts jobs as it weathers tariff impacts
Toy maker Spin Master Corp. TOY-T says it has cut jobs across the company as it tries to weather the impact of global tariffs on its business.
In an e-mailed statement, spokeswoman Tammy Smitham did not say how many employees were affected.
She says the layoffs were one part of a multi-pronged plan to deal with the effect of tariffs, which also includes diversifying its supply chains and cutting costs.
Spin Master said last month that U.S. tariffs on countries where it produces toys, especially China, have made forecasts so challenging that it withdrew its guidance for the remainder of the year.
The company behind the Hatchimals, Gabby's Dollhouse and Monster Jam brands has said it aims to drastically reduce its reliance on China for production over the next two years.
In February, Spin Master said it had decided to wind down a games studio in Sweden as the cost to acquire new users weighed too heavily on revenue.
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