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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
