Funko in economic strife; set to dump $44 million worth of Pop! Vinyl into landfill
It seems Funko Pop! collectibles aren’t as collectible as they used to be.
The company behind the plastic figurines had an extremely bad week in earnings, causing its stock price to drop by an astonishing 25% last Wednesday.
It also announced that it has been sitting on a massive pile of unsold stock, inventory which increased 48% year over year but has suddenly seen a drop in demand.
The primary reason would be that collectibles such as Funko Pop! Vinyls (the exclamation mark is apparently imperative) are considered a little luxury, and in these tough economic times, when folks are barely making rent, purchasing a plastic figure at twenty-five bucks a Pop! is probably not high on the agenda.
Funko Pop! is expected to see a reduction in its book value by about 50 million dollars for the next quarter.
Funko Pop! Vinyls are made of polyvinylchloride, also known as PVC, a petrol-derived chemical and a toxic plastic that is dangerous to the environment and to human health.
Among microplastics, PVC is ranked the most hazardous in terms of carcinogenicity. Basically, ingesting vinyl chloride over time (through waters, farm produce, etc) can lead to cancer.
The leftover toys will likely end up in landfill, given the lesser damage this would do to civilians and the environment.
It would be a pity if Funko couldn’t find an alternative material to manufacture its products, especially when it could mean a positive outcome for the environment and increase in popularity of Pop!s once more.
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