Toymaker Hasbro To Cut 900 Jobs
On Monday, Hasbro announced plans to further reduce its global workforce by 900 employees, nearly a year after revealing plans to cut 15 per cent of its workforce due to sluggish sales.
According to Reuters, the company initially announced a plan to eliminate around 1,000 full-time positions in January and had already implemented 800 job cuts by Monday's announcement.
According to regulatory filings cited in the news agency's report, Hasbro had a global workforce of approximately 6,490 people at the end of 2022.
The most recent job cuts bring the total number of layoffs to 1,900, accounting for 29 per cent of the company's workforce. Hasbro's shares fell about 6 per cent in extended trading, while competitor Mattel fell more than 1 per cent.
In an email to employees, CEO Chris Cocks acknowledged that the market challenges anticipated by the company have proven to be more formidable and long-lasting than anticipated.
