A memo was passed out to Hasbro employees today, and there’s nothing but bad news ahead for some of the hardest working people in the workforce. Hasbro will cut 1,100 jobs, some layoffs will take effect this week, and some employees, while others will find out in the next six months while Hasbro makes changes.
Deepest sympathy to anyone affected by this and their families. It’s never fair to the workforce, and hoping that anyone affected will get back on their feet quickly.
Chris Cocks, Hasbro CEO:
“We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs,” Cocks said. “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.”
Shares of Hasbro fell more than 4% in after-hours trading on Monday.
Layoffs at the toy company come after Hasbro cut its full-year revenue guidance in October — just before the holiday season, which is usually the strongest sales period for toy makers. On the company’s earnings call, Hasbro’s Chief Financial Officer Gina Goetter warned that the company was seeing “broader toy category declines.”