LEWIS GALOOB TOYS INSTITUTES WORKFORCE REDUCTIONS IN THE UNITED STATES AND ASIA
LEWIS GALOOB TOYS INSTITUTES WORKFORCE REDUCTIONS IN
THE UNITED STATES AND ASIA
SOUTH SAN FRANCISCO, Nov. 11 /PRNewswire/ -- Lewis Galoob Toys Inc., (NYSE: GAL) today announced that it has instituted workforce reductions in its domestic and Asian operations, as part of its previously disclosed 1991 cost reduction program.
Galoob has reduced its American staff by 20 employees or approximately 17 percent of its domestic workforce. The company recently reduced staffing levels at Galco, its wholly owned Hong Kong subsidiary, by 14 employees, or approximately 13 percent of Galco's employee base.
Mark Goldman, Galoob's president and chief executive officer explained, "This downsizing will accomplish several objectives of our 1991 cost reduction program, which is part of Galoob's long-term strategic reorientation. It is our goal to revise our marketing and manufacturing strategy to reduce company bureaucracy and to restore our ability to turn products around quickly and efficiently. These workforce reductions will also result in the lowering of Galoob's breakeven, because they are a means of reducing controllable fixed costs, another immediate and long range strategic goal."
Lewis Galoob Toys Inc. designs, develops, markets and distributes a variety of toy products sold worldwide.
/CONTACT: Steven M. Klein of Lewis Galoob Toys Inc., 415-952-1678; or Jerry Seeman of Burson-Marsteller, 212-614-5135, for Lewis Galoob Toys Inc./
(GAL) CO: Lewis Galoob Toys, Inc. ST: California IN: SU: RM -- SF001 -- 2892 11/11/91 09:05 EST