Funko Is Dumping $30 Million Worth of Toys Into Landfills Because the Company Is in Trouble
by Matthew Gilligan
Well, this sure doesn’t sound good, now does it?
NO, IT DOES NOT.
But it’s a true story and it’s also kind of a major bummer…
The company that makes those Funky Pop figures that you see pretty much everywhere these days apparently overestimated demand for their products by a longshot and now they’re dumping $30 million worth of their products into landfills.
Funko’s stock plummeted 25% in one day recently and the company announced that it had a huge number of unsold products.
A press release from Funko said, “This includes inventory that the Company intends to eliminate in the first half of 2023 to reduce fulfillment costs by managing inventory levels to align with the operating capacity of our distribution center. This is expected to result in a write down in the first half of 2023 of approximately $30 to $36 million.”
The company was already in trouble and last year it had to rent shipping containers to store huge numbers of unsold figures from its distribution center in Arizona.
And the news gets even worse: the Funko figures are made of polyvinyl chloride (PVC) so they will take a long time to decompose in landfills.
It’s just bad news all around…