Toymaker Hasbro to Lay Off 1,100 Employees as Toy Sales Slump
Hasbro is laying off about 1,100 employees amid weak toy sales during the holiday season after the toymaker had already cut around 800 jobs earlier in 2023. Hasbro's sales have been lackluster, with its popular toy brands like Transformers and My Little Pony seeing an 18% sales decline recently. The weak sales have persisted into the holiday season and are expected to continue into 2024 based on the company's outlook. In addition to job cuts, Hasbro is looking to reduce real estate costs by exiting its leased office space in Providence, Rhode Island, by early 2025.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Hasbro is laying off about 1,100 employees amid weak toy sales during the holiday season
00:06 after the toy maker had already cut around 800 jobs earlier in 2023.
00:11 Hasbro's sales have been lackluster with its popular toy brands like Transformers and My
00:14 Little Pony seeing an 18% sales decline recently.
00:18 The weak sales have persisted into the holiday season and are expected to continue into 2024
00:22 based on the company's outlook.
00:24 In addition to job cuts, Hasbro is looking to reduce real estate costs by exiting its
00:28 leased office space in Providence, Rhode Island by early 2025.
00:31 For all things money, visit Benzinga.com.
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