NEW YORK (TheStreet) -- Shares of Mattel (MAT) are down 1.56% to $29.10 in pre-market trading after it was reported that the toy company is changing its conference room culture, according to the Wall Street Journal.
The new edicts are part of an effort by Mattel CEO Bryan Stockton to overhaul that culture so the company can get back to thinking about toys, the Journal said.
"We may have been a little bashful to push on the creative side," Stockton told the Journal. "We need to push ourselves a little further, let ourselves be a little freer, a little less formulaic."
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Stockton has reason to act urgently. Mattel-which owns iconic toy brands like Barbie, Hot Wheels and Fisher-Price-hasn't been having much fun heading into the crucial holiday shopping season, when about 50% of the year's toys are purchased. It has lost more than a third of its market value this year, a $6.1 billion drop that makes it one of the worst performers among big American corporations, the Journal noted.
Sales of Barbie products are down 18% through the first nine months of the year after a 13% drop in 2013. The Fisher-Price baby-toy business is in its third year of decline, with sales poised to fall by double digits this year.