Demand for Funko Pop toys has tumbled so much that parent company Funko said it plans to 'eliminate' between $30 million and $36 million worth of the vinyl figurines.
Funko Pop toys were once a sought after collectible in the U.S., but a sharp plunge in their value has the company sending the figurines to the trash heap. it plans to"eliminate" between $30 million and $36 million worth of the vinyl figurines. Funko said it will trash its overstock of collectibles during the first half of this year.
"We went after the oldest inventory first," he said during a conference call last week with analysts and investors."Again, inventory that we felt like we could sell over time, but due to the operational constraints, it's just better to get out of it." Funko is a Washington-based company that focuses on nostalgia toys. It opened in 1998, went public in 2017, and now employs 1,466 across Asia, Europe and North America. The company also sells backpacks, board games, books, non-fungible tokens and wallets.
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