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Hasbro Lays Off 1,100 Workers After Holiday Season Fails

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Hasbro Lays Off 1,100 Workers After Holiday Season Fails

(CTN News) – Toymaker Hasbro, known for creating popular toys like Monopoly, Play-Doh, and Transformers action figures, is facing a decline in sales during the holiday trading season.

As a result, the company has decided to lay off 1,100 employees, which accounts for nearly a fifth of its workforce. This decision comes after Hasbro had already cut 800 jobs earlier this year.

The company emphasized that this action was taken as a last resort, despite the unfortunate timing, just two weeks before Christmas.

Chris Cooks, the CEO of Hasbro, referred to the decision as a necessary action to ensure the company’s well-being, following the challenges faced in the first three quarters of 2023 that continued into the fourth quarter.

Additionally, Hasbro is prepared for these difficulties to persist throughout 2024.

In an email to the staff, Cooks stated, “Although we have confidence in the future of Hasbro, the current circumstances require us to take further action, even if these choices are among the most difficult ones we have to make.”

The Wall Street Journal initially reported his message, which was later seen by the Guardian.

Acknowledging the difficulty of the news, he emphasized that there is no way to downplay the challenges faced, especially for the employees directly impacted.

In contrast to rival Mattel, which experienced success with the release of Barbie, Hasbro has struggled with a decline in sales, resulting in a significant drop in stock value.

Cooks stated that they had anticipated a year of change, with updates to leadership, structure, and operations. The first three quarters proved to be challenging, particularly in the toy market, which had experienced a surge during the pandemic.

Despite progress made within the organization, the obstacles faced throughout the year have persisted into the holiday season and are expected to continue into the following year.

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