Mar 03, 2023 12:00:00

Figures worth more than 4.1 billion yen will be disposed of in a landfill due to the deterioration of the figure maker's management

It has become clear that

Funko , which has gained popularity as deformed figures of anime and movie characters, is preparing to dispose of hundreds of thousands of figures as garbage.

Over $30 Million Worth Of Funkos Are Headed To The Landfill
https://kotaku.com/funko-pop-spider-man-harry-potter-post-malone-pokemon-1850178280

Figure maker Funko revealed in its earnings report for the fourth quarter of 2022 (October-December) that it had $246.4 million in inventory at the end of the year. This inventory is up 48% year-over-year.

Regarding too much inventory, Funko said, 'As part of managing our inventory levels to match the operational capacity of our fulfillment centers in the first half of 2023, we plan to reduce fulfillment costs by decommissioning some inventory. As a result, in the first half of 2023, we plan to dispose of inventory equivalent to 30 million to 36 million dollars (about 4.1 billion to 4.9 billion yen).'

Additionally, Funko CEO Brian Mariotti said during

a conference call with investors that a new fulfillment center in Arizona is filling up with inventory, so it's time to rent shipping containers to store excess inventory. I was confided in the current situation that it was costing a lot of money.

Funko's management has been deteriorating for some time, and Mariotti was appointed CEO in 2022 due to a change in management. When Funko significantly lowered its 2023 financial outlook in November 2022, the company's stock price fell by 25%.

Funko's figures became popular during the pandemic of the new coronavirus, but after the boom subsided, the company ended up with a large inventory of figures, Kotaku points out.

Kotaku says, “A lot of Funko figures are now heading to a landfill somewhere in Arizona. I just pray that they will find us and forgive us our sins.'