Mattel Cuts Jobs Again in Cost-Cutting Push

Toy giant trims 65 positions at California headquarters as it seeks $200M in savings by 2026.

Mar. 30, 2026 at 8:35pm

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A high-end, photorealistic studio still-life photograph featuring a collection of premium, polished geometric shapes and raw materials in muted earth tones, conceptually representing Mattel's corporate restructuring and strategic shift.Mattel's ongoing cost-cutting and workforce reductions reflect the toy giant's efforts to streamline operations and adapt to changing market conditions.El Segundo Today

Mattel is cutting around 65 jobs at its El Segundo, California headquarters as part of an ongoing cost-control strategy, marking the latest step in a multi-year effort to streamline operations and improve profitability. The move follows earlier workforce reductions, including approximately 120 layoffs in 2025 and about 89 job cuts earlier in 2026, as the company aims to achieve roughly $200 million in cost savings by 2026.

Why it matters

Mattel is facing softening demand in the toy market, with annual revenue hovering around $5.3 billion and showing slight year-over-year decline. The restructuring highlights the challenges Mattel faces as it balances short-term financial pressures with long-term transformation, as the company accelerates its shift toward a more diversified business model focused on digital gaming, film, and entertainment partnerships.

The details

The latest round of layoffs will impact corporate roles, including positions in marketing, design, and brand management, as Mattel reorganizes its global teams. The cuts are tied to 'optimize' the organization and reduce expenses, with the broader goal of achieving roughly $200 million in cost savings by 2026.

  • Mattel plans to lay off around 65 employees at its El Segundo, California headquarters, with the cuts expected to take effect in May 2026.
  • The company previously announced approximately 120 layoffs in 2025 and about 89 job cuts earlier in 2026.

The players

Mattel

A major American toy manufacturing company known for brands like Barbie, Hot Wheels, and Fisher-Price.

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The takeaway

Mattel's continued restructuring and cost-cutting measures signal the company's efforts to adapt to evolving consumer and media landscapes, as it seeks to balance short-term financial pressures with long-term transformation towards a more diversified business model.