Hasbro Announces 1,100 Job Cuts Amid Restructuring 🔄

Hasbro to Lay Off , 1,100 Employees.<br />In a memo to staff members on Dec. 11, Hasbro CEO <br />Chris Cocks revealed that the company will be letting <br />go of close to 20% of its workforce, CNN reports. .<br />The announcement comes <br />after 800 jobs were already <br />eliminated earlier in 2023.<br />According to Cocks, the decision to further reduce the <br />company's workforce is due to market headwinds <br />being "stronger and more persistent than planned.".<br />We anticipated the first three <br />quarters to be challenging, <br />particularly in toys, where the <br />market is coming off historic, <br />pandemic-driven highs, Hasbro CEO Chris Cocks, via memo.<br />While we have made some important <br />progress across our organization, <br />the headwinds we saw through the first <br />nine months of the year have continued <br />into Holiday and are likely to persist into 2024, Hasbro CEO Chris Cocks, via memo.<br />Some employees will be let go this week, <br />while the rest of the layoffs will occur <br />"over the next six months," CNN reports. .<br />Other cost-cutting measures that Hasbro previously <br />announced include selling its film and TV business, <br />eOne, to Lionsgate for $500 million.<br />Other cost-cutting measures that Hasbro previously <br />announced include selling its film and TV business, <br />eOne, to Lionsgate for $500 million.<br />The toy company will also reduce its office footprint <br />by exiting Providence, RI, by the beginning of 2025.<br />Hasbro is known for toys such as Transformers, 'Magic: The Gathering,' <br />Play-Doh, 'Dungeons & Dragons' and more.<br />Hasbro is known for toys such as Transformers, 'Magic: The Gathering,' <br />Play-Doh, 'Dungeons & Dragons' and more.<br />Hasbro is known for toys such as Transformers, 'Magic: The Gathering,' <br />Play-Doh, 'Dungeons & Dragons' and more.<br />Hasbro is known for toys such as Transformers, 'Magic: The Gathering,' <br />Play-Doh, 'Dungeons & Dragons' and more.<br />It had 6,300 employees before <br />more layoffs were announced.