Hasbro Slashes Workforce Amid Persisting Toy Sales Slump
In Response to Weak Holiday Sales, Hasbro Cuts 1,100 Jobs
Hasbro Inc. (HAS), a renowned toy manufacturer known for products like Transformers, Dungeons & Dragons, and Monopoly, is set to cut approximately 1,100 jobs, marking a significant workforce reduction of nearly 20%.
This decision comes as the company continues to grapple with persistently weak sales in the critical holiday shopping period.
The cuts, announced by Chief Executive Chris Cocks, add to the 800 layoffs executed earlier this year, a report in The New York Times said. With a workforce of about 6,500 at the end of 2022, this reduction represents a substantial contraction for the company.
The job reductions, expected to be completed within the next 18 to 24 months, are a direct response to weaker-than-anticipated toy sales throughout the first nine months of the year.
