Toy maker Hasbro is cutting 1,000 jobs
NEW YORK: Toy maker Hasbro is reportedly cutting about 1,000 jobs at once as part of the company’s austerity measures.
Citing CNA , Hasbro informed that annual savings are expected to reach US$300 million (RM1,268.9 million) by 2025.
The nearly century-old Rhode Island-based company behind the Monopoly, Play-Doh and My Little Pony brands said as many as 15 percent of full-time layoffs globally would also be implemented.
In the meantime, President and Chief Operating Officer, Eric Nyman is also reported to be leaving the company.
Hasbro chief executive Chris Cocks said the toymaker would “put some focus on existing products, bigger brands, games, digital and its fast-growing direct-to-consumer and licensing business”.
In the third quarter of last year, Hasbro reported a 15 percent decrease in revenue compared to the same period the previous year.
Cocks said Hasbro’s consumer products division performed poorly in the last three months of 2022 amid a challenging holiday consumer environment.
However, Cocks said, however, its main gaming unit, Wizards of the Coast, digital games, Hasbro Pulse and its licensing business posted strong growth in the fourth quarter to be presented this February.
Meanwhile, the company’s shares also fell about seven percent in extended trading after the termination notice was announced. The stock is down 29 percent over the past 12 months by the close of regular trading on Wall Street yesterday.