Hasbro Laying Off Over 1,000 As CEO Calls Market Headwinds “Stronger And More Persistent Than Planned”
12.12.2023 - 00:31
/ deadline.com
Giant toymaker Hasbro is laying off 1,100 employees, following 800 staff cuts announced earlier this year, as CEO Chris Cocks cited a tough business climate that’s been slow to recover. That’s about 20% of the company’s global workforce.
“The market headwinds we anticipated have proven to be stronger and more persistent than planned. While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make,” the chief executive said in an email to staff today.
In August, in a big step towards refocusing its business, the Rhode Island-based company agreed to sell eOne to Lionsgate in a deal worth $500 million. Cocks cited success “retooling our supply chain, improving our inventory position, lowering costs, and reinvesting over $200M back into the business while growing share across many of our categories.”
But he said that a hoped for recovery for the holidays and into 2024 had not materialized.
He said employees to be let go would be notified over the next six months, many of them in the next 24 hours
Cocks’ full email:
Team,
A year ago, we laid out our strategy to focus on building fewer, bigger, better brands and began the process of transforming Hasbro. Since then, we’ve had some important wins, like retooling our supply chain, improving our inventory position, lowering costs, and reinvesting over $200M back into the business while growing share across many of our categories. But the market headwinds we anticipated have proven to be stronger and more persistent than planned. While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to