Toys "R" Us

Struggling Mattel warns of slumping holiday sales as debt ratings are cut

Struggling Mattel warns of slumping holiday sales as debt ratings are cut

Mattel Inc.’s struggles deepened Monday as the El Segundo toy maker warned of slumping holiday sales and its debt was downgraded by the major credit-rating firms.

With only two weeks until Christmas, Mattel said in a securities filing that its fourth-quarter sales would be “negatively impacted” because of “certain underperforming brands” and because retailers were tightly controlling their inventories this holiday season.

As a result, Mattel — whose brands include Barbie, Fisher-Price and Hot Wheels — said its full-year sales would drop by “a percentage...

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