Hasbro has announced that it is cutting 1,000 jobs or about 15 percent of its global workforce after warning that its upcoming holiday quarter results would come in lower than expected.
"The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly," said CEO Chris Cocks. "However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success."
The company said the layoffs fit into a larger company goal of delivering $250-300 million in annualized cost savings by the end of 2024. The plan will also bring an organizational overhaul, beginning with the departure of Eric Nyman, president and chief operating officer.
Nyman's department, consumer products, apparently underperformed compared to the rest of the business.
“Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment,” Cocks said.
Hasbro said Wizards of the Coast is expected to have generated $339 million in the fourth quarter, a 22 percent increase over the previous year.
The company will report its full fourth quarter results on Feb. 16.
Seth Schachner breaks down Zootopia 2’s record-smashing debut, holiday box office trends, early 2026 Oscar contenders, and what’s next for Netflix and WBD.
Truist's Mike Skordeles unpacks earnings trends, market correction, labor force dynamics, and what a possible December rate cut could mean for all of us.
Holiday shopping heats up as big-box earnings reveal how Walmart, Target & Home Depot are navigating consumer pressure, strategy shifts and trends shaping 2025.
The Campbell’s Co. said Tuesday it has placed one of its executives on leave while it investigates claims that he made racist comments and mocked the company’s products and customers in an audio recording.
Elon Musk’s X unveiled a feature that lets users see where an account is based. Online sleuths and experts quickly found that many popular accounts, often posting in support of the U.S. MAGA movement with thousands or hundreds of thousands of followers, are based outside the U.S. This raises concerns about foreign influence in U.S. politics.
