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.
Jeremy Jansen, Head of Supply Chain at Wells Fargo, unpacks the ongoing trade talks between the United States and China as consumers still wonder about tariffs.
A group of Democratic Texas lawmakers is asking Elon Musk to delay his rollout of driverless ‘robotaxis’ in the state this weekend to assure the vehicles are safe enough.
The billionaire slated to takeover the controlling interest in the Los Angeles Lakers has built a career leading businesses investing in everything from sports franchises to artificial intelligence.
IBM Fellow Jerry Chow talks IBM’s expansion of the Quantum Data Center in Poughkeepsie, installing Heron processors that deliver utility‑scale performance.
Ken Shepard, Head of Specialty Asset Management at Bank of America, discusses the importance of real assets and unpacks the bank's specialty asset outlook.
