Hasbro to Cut 1,100 Jobs as Weak Toy Sales Continue
Hasbro, the toymaker, has announced plans to lay off an additional 900 employees globally, bringing the total job cuts to 1,900, or 29% of its workforce, due to weaker sales. The company had previously announced a reduction of 15% of its workforce in January. Hasbro cited market headwinds and persistent high inflation as factors impacting consumer spending on discretionary items like toys. The company expects to achieve gross annual run-rate cost savings of $350 million to $400 million by the end of 2025.
