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Toymaker Hasbro laying off 1,000 to cut costs

Toymaker Hasbro laying off 1,000 to cut costs

The Hasbro logo is seen in New York on Apr 26, 2018. (File photo: AP/Richard Drew)

PAWTUCKET, Rhode Island: Toymaker Hasbro said on Thursday (Jan 26) that it is cutting about 1,000 jobs as part of moves announced last year to save up to US$300 million annually by 2025.

The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said that the layoffs amounted to 15 per cent of its global full-time workforce.

Eric Nyman, president and chief operating officer, is also departing the company, Hasbro said in a statement.

Hasbro chief executive Chris Cocks said the toymaker will "focus on fewer, bigger brands; gaming; digital; and (its) rapidly growing direct-to-consumer and licensing businesses".

In last year's third quarter, Hasbro reported a 15 per cent decline in revenue compared to the same period a year earlier.

Cocks said that Hasbro's consumer products division performed poorly in the final three months of 2022 "against the backdrop of a challenging holiday consumer environment".

He said, however, that its role-playing game unit Wizards of the Coast, digital gaming, Hasbro Pulse and its licensing business posted strong fourth-quarter growth. Hasbro is due to report fourth-quarter and full-year results in mid-February.

Its stock fell about 7 per cent in extended trading after the layoffs were announced. The shares are down 29 per cent in the last 12 months through the close of Thursday's regular trading day on Wall Street.

Source: AP/kg

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