Funko, less than a year after acquiring high-end collectibles brand Mondo, has winded up Mondo’s current movie-poster business and fired several employees, including Mondo co-founders Mitch Putnam and Rob Jones, reported Variety.
Mondo was founded in 2004 and is based in Austin, Texas. It was previously a subsidiary of the indie theatre chain Alamo Drafthouse before Funko signed a deal to acquire it last year for $14 million. The company has gained a strong following for its limited-edition screen-printed movie posters.
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Who are Mitch Putnam and Rob Jones?
Mitch Putnam and Rob Jones led the poster division at Mondo. Putnam worked as a co-founder and Senior Creative Director at Mondo Gallery. Previously, he founded Posterandtoys .com in 2005, OMG Posters in 2007, and co-founded The Vacvvm in 2014.
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According to Putnam’s LinkedIn profile, he earned a bachelor’s degree in marketing from the University of Iowa.
Robert Jones completed his bachelor of arts in English from Vanderbilt University. In 1998, he finished his master’s in Communication and Media Studies at the University of Texas at Austin.
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In addition to Putnam to Jones, Mondo’s senior creative director Eric Garza also has been laid off. Mondo’s poster division is defunct now but Funko expects it to continue producing posters going forward, reported Variety.
While announcing the fourth-quarter 2022 earnings earlier this month, Funko CEO Brian Mariotti told investors that the company planned to cut its overall workforce by about 10%. Funko had 1,466 full-time employees as of the end of last year.
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The company had around 30 full-time employees when Funko was acquired. According to Funko’s regulatory filings, it paid $14 million in cash for Mondo. Funko had said it intended to run Mondo the way it has managed Loungefly, the apparel and accessories brand it acquired in 2017 the concept it would integrate Mondo into common back-end functions where applicable.