It wasn’t a good sign when Funko announced this earlier this month his plans to destroy anywhere from $30 to $36 million worth of his collectible vinyl figurines due to declining demand has eroded their value. But Funko’s recent decision to lay off about half the staff at its subsidiary Mondo paints a clear picture of a company struggling to secure its financial position.
While Funko only acquired Mondo — the Austin-based nostalgic memorabilia outfit known for its small runs of movie posters and vinyl records — from Alamo Drafthouse last summer, The cover reports that “most” of Mondo’s employees, including co-founders Rob Jones and Mitch Putnam, were fired this week. Along with the layoffs, Funko would close Mondo’s poster department completely io9 reports that the company intends to continue producing posters “under different management” in the future.
For now, Mondo’s toy and record-producing affiliates will see another day, and there are still a handful of posters for sale on Mondo’s site. However, the selection is quite limited, and it seems more like the Mondo people once knew and loved are gone.