Hasbro plans to cut 1,100 employees amid low sales – By Lois M. Collins (Deseret News) / Dec 12, 2023
The toy company will cut 20% of its workforce and close some offices
Toymaker giant Hasbro plans to lay off 20% of its employees, citing weak sales so far this year. The plans to let 1,100 employees go follows an earlier reduction in force of 800 workers this year.
The Wall Street Journal says the layoffs are expected to be completed over a number of months, based on an internal memo the Journal viewed. CNN reported that some employees will learn this week if their jobs have been eliminated. Reuters said others would be notified in the next six months, with actual layoffs occurring over the next year.
Per the Journal, Hasbro CEO Chris Cocks said in a memo published in a regulatory filing that “the move was spurred by weaker-than-expected sales through the first nine months of the year, which came after sales hit ‘historic, pandemic-driven highs.’ The challenges have stuck around through the holiday season and are expected to continue into next year.”
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