Funko Kills Mondo’s Lined Edition Prints and Poster Business | CPT PPP Coverage
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Funko Kills Mondo’s Lined Edition Prints and Poster Business appeared on www.cbr.com by CBR.
Funko Inc. shutters its poster business following mass layoffs at Mondo.
Per TheWrap, Funko laid off the majority of the staff at the Austin-based Mondo, which has effectively killed its poster and prints division. This leaves only Mondo’s toys and records divisions in operation, the future of which has now been called into question. This move comes shortly after the news earlier in March that Funko had suffered an overall loss in the final fiscal quarter of 2022, which pushed the company to lay off up to 10% of its staff and destroy between $30 million and $36 million of its own inventory.
Founded in 2004 by Alamo Drafthouse Cinema founder Tim League along with Kier-La Janisse, Lester Smolenski, Rob Jones, and Mitch Putnam, Mondo became well known for its high-quality, limited edition screen printed posters for films and other media. These, along with their vinyl soundtrack, clothing, and VHS re-issue releases, made the company a staple for many genre fans. Its early years as a direct subsidiary of Alamo Drafthouse helped cement its place in the market.
Funko’s Buyout of Mondo
Funko itself was founded by Mike Becker only six years before Mondo and achieved household name status thanks to its wide range of vinyl pop culture figurines, which arose from the company’s original mission to create nostalgia-themed toys on a low-tech bass. In 2022 it was announced that Funko had purchased Mondo. A joint statement between Alamo Drafthouse and Mondo released at the time explained, “Alamo is seizing opportunities to grow our cinema footprint… As the company resources are focused on this growth, we realized that perhaps a bold and exciting new chapter is about to begin for Mon o. Over the past few months, we searched exhaustively to find a perfect partner who saw what was unique and special about Mondo and was in a position to meaningfully invest in Mondo, nurture the team, and further its reach and vision. Funko is exactly that unicorn.”
The purchase of Mondo came on the heels of Alamo Drafthouse’s most turbulent era, with the company officially filing for bankruptcy in 2021 in the wake of the COVID-19 pandemic. After closing over a dozen venues across the country, Alamo Drafthouse announced plans to reopen 15 venues in April 2021, only a month after the bankruptcy notice was fil d. At the time, League described the endeavor as the result of “Refining what we think is the safest and most relaxing cinematic experience possible.”
Source: TheWrap
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