Hasbro, one of the world’s largest toymakers, is cutting 1,100 jobs, or about 20% of its workforce, due to challenging market conditions, including historic pandemic-driven highs and continued headwinds.
CEO Chris Cocks cited persistent difficulties and indicated that the company will vacate its Providence, Rhode Island, headquarters when the lease expires in January 2025.
Unlike its rival Mattel, Hasbro lacked box-office hits this year, impacting its financial performance, with the latest Transformers movie underperforming. (Trending: LeBron James Shares Gun Advice For Americans)
“We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs,” Cocks wrote.
“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.”
“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.”
“We decided to communicate now so people have time to plan and process the changes.”
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