Citing the continued uncertainty regarding the global spread of coronavirus and COVID-19, Funko has withdrawn its previously announced financial guidance for the year. The initial outlook was issued on March 5 during the company’s Q4 and full-year earnings call.
“Our number one priority is the safety of Funko’s employees, local communities, and partners worldwide,” says Funko CEO Brian Mariotti. “We are grateful to our dedicated team members and remain confident in the strength of our Pop! platform and the diversity of our business model, which extends across licenses, product categories, distribution channels, and customers. While we are facing uncertain and unprecedented times, we are taking immediate actions to cut costs and mitigate disruption as we navigate this rapidly evolving situation.”
Funko has temporarily closed its flagship retail stores in Everett, Washington and Hollywood, California. For the time being, Funko’s corporate offices and distribution centers remain open with heightened cleaning procedures and other measures put in place to protect workers. Funko employees are encouraged to work from home if possible.
Online shopping remains open at funko.com.
The Toy Book continues to monitor developments regarding COVID-19 and its impact on the toy industry here.