PAWTUCKET (AP) – Toymaker Hasbro said on Thursday it is cutting about 1,000 jobs as part of moves announced last year to save up to USD300 million annually by 2025.
The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said the layoffs amount to 15 per cent of its global full-time workforce.
President and Chief Operating Officer Eric Nyman is also departing the company, Hasbro said in a statement.
Hasbro Inc Chief Executive Chris Cocks said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses”.
In last year’s third quarter, Hasbro reported 15 per cent decline in revenue compared to the same period a year earlier.
Cocks said 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, 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 seven per cent in extended trading after the layoffs announcement. The shares are down 29 per cent in the last 12 months thorough the close of Thursday’s regular trading day on Wall Street.