One of the great turnaround stories of the past decade has come unravelled as Denmark’s Lego announced today a decline in revenues and plans to eliminate 1,400 jobs.
In an earnings statement released today, the Denmark-based maker of toys and video games said revenue fell 5 percent during the first six months of 2017. It blamed the drop on weak sales in Europe and the U.S.
“We will find more opportunities to engage with kids and parents including innovative ways to blend physical building and digital experiences, such as our successful LEGO Life social platform and LEGO Boost building and coding set,” said Lego Group Chairman Jørgen Vig Knudstorp in a statement.
