Everett, WA — Funko is furloughing employees effective Sunday and cutting salaries to give it financial flexibility in the wake of the coronavirus outbreak.
Funko also is:
Executing reductions in operating expenses and non-product development capital expenditures; and
Proactively managing working capital, including reducing incoming inventory to align with anticipated sales.
In addition to these actions, Funko is evaluating further options to increase flexibility and retain liquidity. Since December 31, 2019, the Company repaid all outstanding borrowings on its $75 million revolving credit facility and subsequently drew down approximately $29 million. As of March 31, 2020, the Company expects to have over $50 million of cash on hand and $46 million of availability on its revolving credit facility.
“During this uncertain and unprecedented time, it is essential we take actions to best position Funko for our employees, partners and shareholders,” stated Brian Mariotti, Chief Executive Officer. “We are making difficult decisions that we believe will put us in a position of strength to navigate this crisis and support the long-term health of our Company.”
Headquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
Funko has launched a new line of Avengers: Endgame-inspired Pop! figures based on the recently released Marvel hit.
The new line includes figurines of Thor holding Stormbreaker and Mjolnir (available as an FYE exclusive), Thor in sunglasses and sandals and a 6” shiny chromed Hulk figure wearing the Infinity Gauntlet.
Funko’s line comes following a successful opening week for the next chapter in Marvel’s film opus. The movie passed the $400 million domestic release benchmark in its first week, according to Box Office Mojo. Its successful early run made it the highest-grossing opening week of all time.
The success of the Avengers: Endgame came with other licensing partnerships with brands including Build-A-Bear and Torrid.
Universal Brand Development has announced a multi-category licensing and merchandising program for DreamWorks Animation’s How to Train Your Dragon: The Hidden World.
The program includes:
Master toy partner Spin Master with new toys inspired by the film, including glow-in-the-dark, dragon-glow effects and colour-changing technology and more
The Spin Master Toy range is now here by Black White Orange Brands Pvt. Ltd & distributed in India by Winmagic Toys. The toys ranging from Rs. 299 to Rs.6999/- is available in leading toy stores like Hamleys, Toys R Us, Landmark and Shoppers Stop amongst others across India
Playmobile, a partner since 2017, has developed a line with key story arcs from across the DreamWorks Dragonsfranchise and film
Funko has released a line featuring Toothless and Light Fury worldwides
Closer to home, Shree Ambica Plastomac will be launching the Back To School range with lunch boxes, sippers and pencil boxes, PAN India
A new mobile game, dubbed “DreamWorks Dragons: Titan Uprising,” will launch next year in Google Play and App Store. The game, developed by Ludia, invites players to a Dragon-inspired match-3-puzzle-role-playing game. Fans can visit Dragonstitanuprising.com to preregister for tokens.
Outright Games will release a new console game, “DreamWorks Dragons Dawn of New Riders,” which introduces new characters into and a new storyline within the DreamWorks Dragons universe. The game will be available in early 2019 on PlayStation4, Xbox One and Nintendo Switch.
Universal Pictures International India has recently released “How to Train Your Dragon – The Hidden World” across theatres and has had a massive opening of approx. $55.5 million, globally. They also handled the ATL promotion campaigns prior to the release.
Black White Orange Brands Pvt Ltd, while being the official brand licensing partner for India, will also be a part of marketing and on – ground promotions and campaigns.
DreamWorks Animation’s How to Train Your Dragon: The Hidden World released on March 21 in India.
Funko has teamed up with Sterling Publishing to launch a new children’s book series in June.
The series of books will be based on Funko’s own designs and characters from Wetmore Forest. Wetmore Forest was created by Funko to encourage discovery and exploration among its fans. Funko’s Pop! Monsters include Bugsy Wingnut, Butterhorn, Snuggletooth, Tumblebee and others.
Funko and Sterling Publishing will showcase the books at the London Book Fair and Bologna Children’s Book Fair.
“We’re excited to expand the storylines of our beloved Wetmore family through a book series available at the bookseller with the largest number of retail outlets in the United States,” says Johanna Gepford, senior vice president, global sales, Funko. “Children will be delighted to follow the adventures of characters created by the same creative geniuses that produce highly sought-after Funko products.”
Funko’s book series will be available online and in-store exclusively at Barnes & Noble along with accompanying Funko merchandise beginning June 15.
Marvel has entered a series of deals for merchandise inspired by its new animated film Spider-Man: Into The Spider-Verse.
Funko is on board for a line of Pop! general release and exclusive renditions of Peter, Miles, Gwen, Noir, Green Goblin and The Prowler.
An additional Miles in his first attempt at costume makeup, hatless Noir and Spider-Ham are available exclusively at Walgreens. Hasbro has signed for a line of Spider-Man: Into the Spider-Verse toys, including a new action figure series that consists of a six-inch Spider-Gwen, Miles, Peter and Prowler. A Miles figure is available as a foot-tall Titan Hero and a Shock Strike rendition. A Miles Morales and Gwen Stacy 2-pack is available exclusively at Target.
A 16-month 2019 calendar is now available that features images of Miles, Gwen, Peter, Noir and Spider-Ham. Hot Topic has released a range of t-shirts that feature the Miles Morales logo, among others.
Ramin Zahed’s Spider-Man: Into The Spider-Verse: The Art Of The Movie hardcover book offers a look at the making of the film. The film’s original soundtrack is available now at Target and includes tracks such as, “What’s Up Danger,” “Familia” and “Scared of the Dark.” Hasbro’s Prowler Attack 3-D Game, a Walmart exclusive, invites players to play as Miles, Gwen, Peter or Noir to capture Prowler.
Finally, Nike’s Jordan Brand has paired for the Air Jordan 1 Retro High OG Origin Story, the shoes seen on Miles in the film.
Spider-Man: Into the Spider-Verse is now playing in theaters!
Funko is set to release new figures inspired by a variety of entertainment properties.
King Features is on board for a Betty Boop Rock Candy Figure that sees Betty in her signature red dress with her hands on her hips; and a Pop! Nurse Betty Boop that features Betty in a nurse’s uniform with a stethoscope. Both items will launch in December, while a Sweetheart Betty Boop with a bouquet of roses and a red heart will roll out in January.
ABC Studios has inked a deal for “Scrubs”-inspired items including a Pop! J.D., Pop! Turk; Pop! Elliot and Pop! Dr. Cox, which will debut in January. The studio is also on board for “Boy Meets World”-inspired renditions of the characters Cory and Topanga, debuting in December.
WWE has paired for a new Ronda “Rowdy” Rousey Pop! that will launch this month.
Finally, Lionsgate Entertainment has agreed to release Funko figures based on the characters Johnny Castle (Patrick Swayze) and Frances “Baby” Houseman (Jennifer Grey) from the film Dirty Dancing, as they appear in the famous dance scene. The figures are available for pre-order now at select online retailers.