Weak Toy Sales Lead To Hasbro’s Firing Of 1,100 Workers

Hasbro is cutting nearly 20% of its workforce due to a continuing decline in toy sales, as reported by Samantha Delouya for CNN.

Hasbro's layoffs will be implemented over the next six months, with some employees finding out about their job status this week. I Photo: Hasbro

In a memo to employees, Hasbro CEO Chris Cocks announced layoffs for 1,100 workers, in addition to the approximately 800 jobs eliminated earlier this year. The decision to reduce Hasbro’s workforce was attributed to market headwinds proving to be "stronger and more persistent than planned."

Cocks stated, "We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs."

He mentioned that although the company made some progress, the challenges observed in the first nine months of the year continued into the holiday season and are likely to persist into 2024.

Layoffs will be implemented over the next six months, with some employees finding out about their job status this week.

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