By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Lake Success, N.Y. — Coby Electronics announced the layoffs of 35 percent of its Coby USA staff, or a total of 42 people, and the closing of the company’s Savannah, Ga., warehouse.
Contributing factors as “the prevailing economic headwinds and the convergence of products that Coby, along with other suppliers in the consumer electronics space, are facing,” the company said in a statement.
Coby said it “had little choice but to restructure its operations to ensure the company’s continued business success.”
"This was a very difficult, but necessary decision for Coby’s executive management team to make," said Coby president Michael Troetti. "We greatly value the contributions and dedication of those who’ve departed the company and wish them well."
Sources said the layoffs included people in the New York headquarters as well as salespeople across the country.
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