Mattel has announced that it will cut 1,000 positions from its payroll worldwide. A small amount of jobs will be lost in the UK.

The job cuts will be achieved through “a combination of layoffs, the elimination of open requisitions, attrition and retirements,” according to a company statement. In total, the reductions represent about three per cent of Mattel’s worldwide workforce, which translates to eight per cent of the company’s professional and management staff.

Mattel’s move follows a strategic initiative to analyse its cost structure to identify “tangible opportunities to drive higher productivity and effectiveness in all areas of its global business.” It found that “the current economic environment has amplified the company’s need to address the appropriate future structure of the business, which includes streamlining its global workforce.”