Subject:
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Lego Lays Off 160, Citing Slow Sales
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Newsgroups:
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lugnet.mediawatch
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Date:
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Mon, 3 Feb 2003 20:37:26 GMT
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Viewed:
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1086 times
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Lego Lays Off 160 Workers, Citing Slow Christmas Sales in U.S., Germany
The Associated Press
COPENHAGEN, Denmark Feb. 3 —
Danish toy maker Lego said Monday it cut its work force in Denmark by 161
because of a slowdown in retail sales during the Christmas holiday in
Germany and the United States, two of its major markets.
The slow sales resulted in an oversupply of stock still in its warehouses,
the company said.
Lego said 161 workers at its headquarters in Billund, 155 miles west of
Copenhagen, were let go.
"With consumer optimism flagging, especially in the United States, we have
no option but to trim production to current warehouse stock levels," said
Poul Plougmann, Lego's chief operating officer.
Plougmann said the layoffs were "not a reflection of last year's financial
result. Although our accounts for 2002 have not yet been finally drawn up,
all indications are that as predicted the result will be better than in
2001" when it earned 530 million kroner.
Famed for its interlocking plastic building blocks, Lego has expanded in
recent years with electronic activities.
The company, which has 8,000 employees in 30 countries, also operates
amusement parks in Billund, Carlsbad, Calif., Windsor near London and
southern Germany.
http://abcnews.go.com/wire/Business/ap20030203_1189.html
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