Hasbro cuts 1,100 jobs, or 20% of its workforce, prompted by the ongoing malaise in the toy business
1 year ago

Hasbro cuts 1,100 jobs, or 20% of its workforce, prompted by the ongoing malaise in the toy business

Associated Press  

NEW YORK — Toy maker Hasbro said Monday it is cutting about 1,100 jobs, or 20% of its workforce, as the malaise in the toy business extends through another holiday shopping season. The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys disclosed the layoffs in a memo to employees published in a regulatory filing. Like many toy companies, Hasbro is struggling with a slowdown in sales after a surge during pandemic lockdowns when parents were splurging on toys to keep their children busy. “While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into holiday and are likely to persist into 2024.” Cocks had said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.” Shares in Hasbro Inc. fell almost 6% in after-market trading Monday.

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Toymaker Hasbro laying off 1,000 to cut costs
1 year, 10 months ago

Toymaker Hasbro laying off 1,000 to cut costs

Associated Press  

PAWTUCKET, 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 …

Hasbro sales slip as families tire of playing with inflation
2 years, 2 months ago

Hasbro sales slip as families tire of playing with inflation

Associated Press  

Hasbro’s profit and sales slipped in the third quarter as families watched their spending on toys more closely with inflation cutting into budgets. Revenue for the Pawtucket, Rhode Island, company fell to $1.68 billion, down 15% from last year’s third quarter, and Hasbro said the strong dollar knocked 3% off of quarterly revenue, or almost $54 million. Hasbro Inc. earned …

Toymakers race to get products on shelves amid supply clogs
3 years, 2 months ago

Toymakers race to get products on shelves amid supply clogs

Associated Press  

NEW YORK — Running out of time to get its products on store shelves ahead of the holidays, the Basic Fun toy company made an unprecedented decision: It’s leaving one-third of its iconic Tonka Mighty Dump Trucks destined for the U.S. in China. But while analysts expect strong growth in 2021, many toy companies said they’ll see their sales reduced …

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