In Joe Biden’s economy, Hasbro, one of the world’s largest toymakers, is facing challenges due to inflation and other pressures, leading to the elimination of 1,100 jobs, which is close to 20 percent of its workforce.
CEO Chris Cocks mentioned that the market challenges are likely to persist into 2024.
The company will also move from its Providence, Rhode Island, headquarters when its lease expires in January 2025. (Trending: LeBron James Shares Gun Advice For Americans)
CEO Chris Cocks wrote in a memo, “We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs.”
“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,” he continued.
“I know this news is especially difficult during the holiday season. We value each of our team members – they aren’t just employees, they’re friends and colleagues,” explained the CEO.
Adding, “We decided to communicate now so people have time to plan and process the changes.”
Unlike its rival Mattel, which benefited from the success of the Barbie movie, Hasbro had no box-office hits this year, impacting its financial performance.
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