Mattel Inc. to Cut 700 Jobs: The company said it will discontinue manufacturing operations at its Fisher-Price plant in Medina, N.Y., as part of its recent push to cut costs through consolidations. The El Segundo-based toy manufacturer said it intends at the same time to launch a smaller operation at the plant to produce a new line of outdoor play equipment. The planned operation is expected to retain 250 of the plant’s 950 full-time employees. Layoffs will begin within the next two weeks. The cutbacks are part of a worldwide corporate restructuring announced in December that involves the consolidation of manufacturing operations to eliminate excess capacity and reduce headquarters-related expense and support functions.