Page 3 - Chris Cocks News Today

Company to reduce workforce by additional 1,100 positions

Planet Business: Hasbro’s nightmare holiday season, the ascent of Viking Toast and Christmas TV fare

This year Dungeons & Dragons reached highs even beyond its already massive reach. And yet 2023 will also be defined by its owner's mistakes.

American toymaker Hasbro has announced it is axing around 1,100 jobs, or 20% of its workforce, as a slowdown in sales extends into another major shopping season.

Hasbro, the toymaker behind games such as Monopoly and the Transformers action figures, will eliminate about 1,100 jobs globally because of stronger-than-expected "market headwinds," chief executive Chris Cocks told staff Monday in a memo.

Hasbro Toys announced the layoff of 1,100 souls, which comes two years after extending a deal with the Disney.

Hasbro, one of Rhode Island’s largest publicly traded companies, is slashing its workforce, cutting nearly 20% of its workforce.

The announcement that the toymaker was eliminating nearly 17 percent of its work force came during the critical holiday shopping season.

The maker of Transformers action figures said it expected layoffs to be completed over the next 18 to 24 months. Read more at straitstimes.com.

Toy company Hasbro will be laying off another 900 people, about a year after saying it would eliminate 1,000 positions from its global workforce.