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.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
With a merger this big, creators, studios, and theaters all face uncertain futures. Here’s what experts are worried about and what good could come from it.
With disengagement rising and hybrid work shifting, 'Everybody Matters' author Bob Chapman explains why treating people well could define the future of work.
We sat down with Ali Furman, U.S. Consumer Markets Industry Leader at consulting firm PwC to ask what trends she garnered from the initial data this year.
