Toymaker Hasbro laying off 1,000 to cut costs
Associated PressPAWTUCKET, R.I. — Toymaker Hasbro said Thursday it is cutting about 1,000 jobs as part of moves announced last year to save up to $300 million annually by 2025. The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said the layoffs amount to 15% of its global full-time workforce. Hasbro Inc. Chief Executive Chris Cocks said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.” In last year’s third quarter, Hasbro reported 15% decline in revenue compared to the same period a year earlier. Cocks said Hasbro’s consumer-products division performed poorly in the final three months of 2022 “against the backdrop of a challenging holiday consumer environment.” He said, however, its role-playing game unit Wizards of the Coast, digital gaming, Hasbro Pulse and its licensing business posted strong fourth-quarter growth.
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Hasbro cuts 1,100 jobs, or 20% of its workforce, prompted by the ongoing malaise in the toy business
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