OCTOBER 24, 2024 — 100 EMPLOYEES AT RISK
As it mull relocating the company’s headquarters to Boston, Massachusetts, the company is implementing a restructuring plan leading to a reduction in its workforce, estimated to be 100 employees, half from Pawtucket, Rhode Island.
CEO Chris P. Cocks noted, “We will also be making investments in our team, most notably exploring a new HQ with a collaborative, modern environment that is reflective of our brands and fosters innovation. We wouldn’t be moving until mid-2026 at the earliest, prioritizing convenience to public transit and working closely with teams to make sure we’re building a space that works for our unique needs.”
DECEMBER 18, 2023 — WIZARDS STAFF
Including at the company’s Renton, Washington-based subsidiary Wizards of the Coast.
DECEMBER 12, 2023 —1,100 LAYOFFS
The company is reducing its workforce by 1,100 jobs, following the previous layoffs of 800 employees earlier this year.
Chief Executive Chris Cocks noted that the layoffs were “spurred by weaker-than-expected toy sales through the first nine months of the year, which came after sales hit “historic, pandemic-driven highs.”
JANUARY 27, 2021 — 15% OF THE WORKFORCE, 1,000 EMPLOYEES
Implementing a cost-cutting initiative, the company announced that it is cutting about 1,000 jobs.
Chief Executive Chris Cocks noted, “We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability. While the full-year 2022, and particularly the fourth quarter, represents a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”
Eric Nyman, president and chief operating officer, is departing the company, and the company is also looking to sell its production division Entertainment One.
October 24, 2018 — Original post…
Pawtucket, Rhode Island-based Hasbro, the world’s largest toy company, has announced that they are planning to trim less than 10 percent of its 5,000-employee workforce, leading to the layoffs of up to 500 workers.
According to a company spokesperson announcing organizational changes affecting a single-digit percentage of its global workforce, “As part of Hasbro’s ongoing transformation, we continue to make meaningful organizational changes. While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future. We continue to add new capabilities based on our understanding of the consumer and how our retailers are going to market while evolving the way we organize our business across our Brand Blueprint.”
From the Third Quarter Disclosures…
“Based on organizational actions to ensure we have the right talent and capabilities to profitably grow going forward, we expect to record a charge of $50-$60 million in the fourth quarter of this year relating to severance. While this will result in $30-$40 million of annual savings by 2020, most importantly it will ensure we are well positioned with the right talent for success in the evolving marketplace we see ahead of us.
We remain focused on growing Hasbro over the long-term and continue investing in brands and entertainment to drive future performance. We have also returned $422 million in cash to shareholders thus far this year through our dividend and share repurchases.”
With a drastic restructuring of the retail toy industry, changes in consumer purchasing patterns, and more engagement with electronic rather than physical toys, layoffs should come as no surprise to employees of toy companies such as Hasbro and Mattel.
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