Worlds of Wonder Inc. announced a management reorganization and further layoffs as a result of the extended slump in the toy industry. The 2 1/2-year-old Fremont, Calif., company said it had reduced its staff by 60 employees, or 17% of its full-time domestic work force, including two executive vice presidents, its treasurer and a president of a subsidiary. It also is further reducing capital costs and general expenditures, according to a statement. Buoyed by the popularity of a talking bear, Teddy Ruxpin, and a high-tech game, Lazer Tag, Worlds of Wonder reached $327 million in sales in its first two years. For the quarter ended June 30, it reported a net loss of $10.4 million on sales of $22.9 million.