Lego plans to cut jobs

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(CNN) - Everything is not awesome at Lego these days.

The toy company announced that it plans to cut 1,400 jobs, which is about eight percent of its workforce.

Lego reported its first drop in revenue in more than a decade while operating profits fell six percent in the first six months of this year.

Lego’s CEO says the cuts are part of a complete overhaul of the toymaker in order to create what he calls a “Smaller, less complex” organization.

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