Hasbro to Lay Off , 1,100 Employees.
In a memo to staff members on Dec. 11, Hasbro CEO
Chris Cocks revealed that the company will be letting
go of close to 20% of its workforce, CNN reports. .
The announcement comes
after 800 jobs were already
eliminated earlier in 2023.
According to Cocks, the decision to further reduce the
company's workforce is due to market headwinds
being "stronger and more persistent than planned.".
We anticipated the first three
quarters to be challenging,
particularly in toys, where the
market is coming off historic,
pandemic-driven highs, Hasbro CEO Chris Cocks, via memo.
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, Hasbro CEO Chris Cocks, via memo.
Some employees will be let go this week,
while the rest of the layoffs will occur
"over the next six months," CNN reports. .
Other cost-cutting measures that Hasbro previously
announced include selling its film and TV business,
eOne, to Lionsgate for $500 million.
Other cost-cutting measures that Hasbro previously
announced include selling its film and TV business,
eOne, to Lionsgate for $500 million.
The toy company will also reduce its office footprint
by exiting Providence, RI, by the beginning of 2025.
Hasbro is known for toys such as Transformers, 'Magic: The Gathering,'
Play-Doh, 'Dungeons & Dragons' and more.
Hasbro is known for toys such as Transformers, 'Magic: The Gathering,'
Play-Doh, 'Dungeons & Dragons' and more.
Hasbro is known for toys such as Transformers, 'Magic: The Gathering,'
Play-Doh, 'Dungeons & Dragons' and more.
Hasbro is known for toys such as Transformers, 'Magic: The Gathering,'
Play-Doh, 'Dungeons & Dragons' and more.
It had 6,300 employees before
more layoffs were announced.