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cnn. com/2008/11/06/news/companies/mattel_cuts. ap/? postversion=2008110616 Mettel cuts 1000 employees (8% of their staff) because of economic downturn. The cuts will come from a combination of layoffs, attrition and retirements. The reasons were to cut costs and try to boost productivity. They have been planning to do this, but the slowing economy has pushed things along. They are going to try this first instead of having to raise their prices. “Needham & Co. analyst Sean McGowan said Thursday that Mattel's move is not that surprising considering toymakers have been facing higher costs for about two years.