The company is in serious trouble.
As if having the planet drown in a giant pile of plastic pollution wasn't enough.
The company behind Funko Pop collectibles, those small figurines that vaguely represent celebrities and fictional characters and which you likely ignore at your local GameStop, vastly over-estimated demand and is dumping $30 million worth of figurines in a landfill, Kotaku reports.
Funko had a disastrous earnings call earlier this week, causing its stock price to crater on Thursday, dropping by a stunning 25 percent in after-hours trading on Wednesday.
The company announced that it was sitting on a massive pile of unsold inventory, which increased 48 percent year over year.
"This includes inventory that the Company intends to eliminate in the first half of 2023 to reduce fulfillment costs by managing inventory levels to align with the operating capacity of our distribution center," a press release reads. "This is expected to result in a write down in the first half of 2023 of approximately $30 to $36 million."
In other words, considering each Funko Pop figurine averages around $8 to $11, they're dumping millions of figurines into the garbage.
The company was already facing financial turmoil last year, with its distribution center in Arizona overflowing with inventory to the point it had to rent shipping containers to store them all.
By November, the venture's stock had already cratered after it slashed its financial outlook for the rest of the year, Kotaku reports.
While some Funko Pop models have propped up a considerable speculators' market — two recent golden figurines sold for $100,000 in cash — the reality is that their value is unlikely to last forever, damning them to slowly decompose in landfills.
The figurines are made of polyvinyl chloride, better known as PVC, a petroleum-derived chemical that's made using vinyl chloride — a substance that may sound familiar, because it was all over the news last month following the disastrous train derailment in East Palestine, Ohio, which released copious amounts of the stuff into the surrounding environment and waterways.
READ MORE: Over $30 Million Worth Of Funkos Are Headed To The Landfill [Kotaku]
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