- Hasbro to cut 1,100 jobs
- Sales decline impacts workforce
- Persistent market challenges cited
Due to sluggish sales in the run-up to Christmas, the American toy colossus Hasbro has announced that it will eliminate additional positions.
The company, which produces Transformers action figures and Monopoly, will lay off approximately 1,100 employees worldwide, accounting for nearly 20% of its workforce.
Implementing workforce reductions coincides with an overall decline in demand for play products.
“Market headwinds… have proven to be more persistent and formidable than anticipated,” said Chris Cocks, CEO of Hasbro.
In a Monday email to employees, he stated, “I recognise that this information is particularly distressing in light of the holiday season.”
He further mentioned that “there is no way around the difficulty of this situation, especially for the employees who are directly impacted.”
According to Reuters, the organization anticipates that most layoffs will be concluded within 18 to 24 months. The company also develops the Dungeons & Dragons role-playing game.
These cuts add to 800 cuts made this year to save the corporation $300 million (£238 million).
According to the Associated Press, Hasbro, like numerous other toy manufacturers, is experiencing a decline in sales. This follows a period of increased demand during the pandemic when some parents purchased toys to occupy their children’s time.
