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Toy Company Cuts Staff by Half

December 04, 1987|Associated Press

FREMONT, Calif. — Worlds of Wonder Inc., struggling to meet its creditors' demands, said today that it has laid off nearly half of its remaining work force. The once-prosperous toy maker, whose officials met Thursday in San Francisco with about 150 of its largest creditors, also confirmed that it had not paid $3.4 million in interest due last Tuesday on its convertible subordinated debentures. It said the debentures will be included in any debt restructuring. The layoffs reduce the company's worldwide staff to 211 employees from 408.

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