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Hasbro cutting 1,100 jobs as toy sales slow

Hasbro announced it is laying off over 1,000 employees in order to cut costs as it continues to struggle with declining toy sales for consecutive quarters.

Toy manufacturer Hasbro Inc. is laying off nearly 20% of its global workforce after facing back-to-back quarters of falling toy sales. 

CEO Chris Cooks said in a Monday memo to staff that the cuts will affect approximately 1,100 employees. This comes in addition to the roughly 800 job cuts that were already made earlier this year, according to Cooks.

The chief executive acknowledged that this news is "especially difficult during the holiday season," but that Hasbro, the maker of Monopoly and Candy Land, faced weak toy sales throughout 2023, including during the holiday shopping season.

HOLIDAY SALES FORECAST TO HIT RECORD HIGH THIS YEAR, DESPITE GROWING ECONOMIC HEADWINDS

The company projected that trend to continue into the new year.

"We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs," Cooks told staff, adding that "the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024." 

RETAILERS CAUTIOUS THIS HOLIDAY SEASON TO AVOID EXCESS INVENTORY

To better position the company for growth, Cooks said it needs to ensure the "foundation is solid and profitable," which includes becoming leaner. 

"While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy," Cooks added. 

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Many of the employees who were impacted will be notified by Tuesday, although the timings will vary by country. The majority of the notifications will happen over the next six months, according to a regulatory filing.

The layoffs will be completed over the next 18 to 24 months, the company added. 

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