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Hasbro Slashes Workforce Amid Persisting Toy Sales Slump

By News Desk - Dec 12, 2023, 12:04 PM ET
Last Updated - Dec 12, 2023, 12:04 PM EST
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Toymaker Hasbro, Inc., has slashed 1,100 jobs amid continuing downsizing in the U.S. market.

In Response to Weak Holiday Sales, Hasbro Cuts 1,100 Jobs

Hasbro Inc. (HAS), a renowned toy manufacturer known for products like Transformers, Dungeons & Dragons, and Monopoly, is set to cut approximately 1,100 jobs, marking a significant workforce reduction of nearly 20%. 

This decision comes as the company continues to grapple with persistently weak sales in the critical holiday shopping period. 

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The cuts, announced by Chief Executive Chris Cocks, add to the 800 layoffs executed earlier this year, a report in The New York Times said. With a workforce of about 6,500 at the end of 2022, this reduction represents a substantial contraction for the company.

The job reductions, expected to be completed within the next 18 to 24 months, are a direct response to weaker-than-anticipated toy sales throughout the first nine months of the year. 

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