In a memo to employees, toy giant Hasbro announced plans to eliminate about 1,100 positions, citing continued headwinds in the toy market.
This latest round of layoffs comes on top of 800 workforce reductions made earlier this year, marking a significant restructuring effort for the company.
CEO Chris Cocks attributed the layoffs to “market headwinds” that are stronger and more persistent than anticipated. He described the company’s current environment as challenging, particularly in the toy market, which is experiencing a post-pandemic correction following its recent boom.
Hasbro’s leadership team emphasized that the decision was not taken lightly. They recognize the impact on employees and are offering comprehensive support packages, including job placement assistance, to help them through this transition, the memo said.
Lionsgate
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