Funko, the collectible vinyl figurine company, recently announced plans to destroy $30-$36 million worth of its products due to dwindling demand. The company’s recent decision to lay off half the staff at its subsidiary Mondo confirms the financial struggles it is facing. Funko acquired Mondo, an Austin-based nostalgic memorabilia outfit known for small-batch movie posters and vinyl records, from Alamo Drafthouse last summer. Most of Mondo’s staff, including co-founders Rob Jones and Mitch Putnam, were laid off this week. Funko is also closing Mondo’s poster division and continuing poster production under different leadership. Mondo’s toy and record producing branches will continue for now, but the company’s future is uncertain.
“Get your Mondo posters before they’re gone! Limited supply available.” (71 characters)
