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.
It might not be what investors want to hear… but bringing down inflation could mean interest rates stay higher for (even) longer. But it's not all downside.
President Joe Biden and Chinese President Xi Jinping have discussed Taiwan, artificial intelligence and security issues in a call meant to demonstrate a return to regular leader-to-leader dialogue between the two powers.
April is Earth month, and while the green revolution might feel far away, the founder of climate VC Siam Capital says it’s on it’s way, and, even better: it won't cost you more.
From snow in April to heatwaves in December, it’s hard to plan a trip in a climate change world. Startup Sensible Weather thinks weather-based travel reimbursements are the solution.
Between corporate debt and the widening gap between ‘the haves and the have nots,’ there are reasons to be cautious about the economy, even with interest rate cuts on their way.
If the A.I. hype hasn’t given you enough of a reason to be excited (and a little terrified), the CEO of Zapata AI says the next frontier is designing bridges or creating pharmaceutical drugs.
