Hasbro Cuts Jobs Amid Weak Holiday Sales
Toy maker Hasbro Inc. announced on December 11th, 2023 that it would be cutting about 1,100 jobs due to weak holiday sales. The company, which is the second-largest toy maker in the world, said the job cuts would affect about 10% of its global workforce.
Background of Hasbro
Hasbro is an American multinational toy and board game company based in Pawtucket, Rhode Island. It is one of the largest toy makers in the world, behind only Mattel. The company was founded in 1923 and has since grown to become a major player in the toy industry. Hasbro produces a wide range of products, including action figures, board games, dolls, and electronic toys.
Decline in Holiday Sales
Hasbro reported a decline in holiday sales this year, citing a decrease in demand for its products. The company said that the weak holiday sales were due to a combination of factors, including the ongoing pandemic, economic uncertainty, and changing consumer preferences.
Job Cuts
In response to the weak holiday sales, Hasbro announced that it would be cutting about 1,100 jobs. The job cuts will affect about 10% of the company’s global workforce. The company said that the job cuts would be spread across its various divisions, including marketing, product development, and manufacturing.
Impact on Employees
The job cuts will have a significant impact on the employees affected. Hasbro said that it would be providing severance packages and other assistance to those affected by the job cuts. The company also said that it would be offering outplacement services to help those affected find new employment.
Future Outlook
Hasbro said that it is confident that it will be able to recover from the weak holiday sales and return to growth in the future. The company said that it is continuing to invest in new products and technologies to ensure that it remains competitive in the toy industry.
Conclusion
Hasbro announced that it would be cutting about 1,100 jobs due to weak holiday sales. The job cuts will affect about 10% of the company’s global workforce and will have a significant impact on the employees affected. Hasbro said that it is confident that it will be able to recover from the weak holiday sales and return to growth in the future.