Funko have announced a 25% reduction in their global workforce by the end of the Q3 this year, with a majority happening in Q2.
In the filing with the SEC, Funko said the layoffs were connected to uncertainty in the market due to the pandemic. The company hopes to reduce costs and preserve liquidity.
The company said the cost of the layoffs would be approximately $1 million related to termination benefits.
Funko joined the game market last year with its purchase of game design firm Prospero Hall.