After our story was shared, someone representing Funko contacted us to say that they had done some layoffs but the poster business will still be going on.
Movie fans may need to collect certain memorabilia soon, because it might not be available anymore! According to The Wrap, the company that owns the popular memorabilia company Mondo is letting go of most employees and Mondo is stopping all production of movie posters.
It’s quite a shock that Mondo, a company famous for their movie poster artworks, will no longer be running its poster workshop. Additionally, they have shut down an area called “The Lab” which makes cool experiences and products. This closure did not affect the vinyl and toys divisions of Mondo, however it is unclear how they will do in the future. Also, although it’s unknown exactly how many people were let go, Rob Jones and Mitch Putnam (who founded Mondo) lost their jobs.
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Mondo was founded in 2004 and owned by Alamo Drafthouse Cinema until 2022. That year, the company Funko bought Mondo after Alamo Drafthouse went through bankruptcy. Both sides benefited from this transaction because Mondo found a new home and Funko added more products to its line besides their famous bobbleheads.
Navigating Unexpected Challenges
This year wasn’t a great year for Mondo because Funko announced that they had lost some money in the fourth quarter of 2022. As a result, they will have to sell some of their inventory and let go of up to 10% of their workers. They also changed the leadership by bringing back Brian Mariotti as CEO and Steve Nave from Walmart.com as COO and CFO. This was a big change for Mondo since it used to work with huge entertainment companies such as Lucasfilm to create exclusive vinyl records for Disney. Over the last few years, Mondo has been very popular and even had its own event called MondoCon in Austin, Texas when it was owned by Alamo Drafthouse.
After Funko took over the company, there were disagreements between them and Mondo. These disagreements included ideas like making a TV show based on the Peanuts cartoon, and other limited edition collections of merchandise that Funko didn’t agree with. Things that used to be important to Mondo started changing after Funko’s takeover, and even led to closing down their poster division and letting some people go.