Hasbro Announces Layoffs and Office Closure Amidst Weak Toy Sales

Hasbro, the international toy company, is closing its Providence office and laying off 1,100 employees, in addition to the 800 jobs cut in January. The layoffs will be implemented over the next year, with a focus on minimizing management layers. The company plans to consolidate its operations in its Pawtucket headquarters by January 2025. Hasbro cites the need to modernize and streamline its organization to ensure profitability amid challenging market conditions. The cost savings will be invested in new systems, product development, and digital capabilities. Hasbro's stock is currently at its lowest point in a decade.