Business

Hasbro Announced another Layoff Weeks Before Holiday Season

Hasbro Announced another Layoff  Weeks Before Holiday Season

Toy-Giant HASBRO is laying off its 1100 employees weeks before the holiday season. This cut represents almost a fifth of its total workforce.

The workforce reduction to date has reached nearly 20%, with this most recent round of layoffs coming after an earlier cut of 800 jobs this year.

Hasbro’s financial difficulties have been evident in the stock market, as shares have dropped more than 21% this year. In sharp contrast, rival Mattel’s stock value has increased by almost 6%.

CEO of Hasbro Chris Cooks called the decision a “last resort” and was very regretful about the decision. He said that this decision is best for the company’s overall health.

Hasbro struggled with a slowdown in sales, particularly in the toy market, following historic pandemic-driven highs, despite anticipating a year of change and implementing updates to leadership, structure, and operations.

The impact of Hasbro’s layoffs on its workforce, particularly during the holiday season, highlights the broader economic challenges and uncertainties facing businesses in the current market landscape, particularly as the toy industry navigates through these difficult times.

Its rival company, Mattel is in sharp contrast as the company’s shares jumped over 6% after the release of the Barbie movie.

Hasbro is a toy brand that has many successful toy segments under its belt like Monopoly, Play-Doh and Transformers.

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