AP

Toymaker Hasbro laying off 1,000 to cut costs

Jan 26, 2023, 4:17 PM | Updated: 4:18 pm

PAWTUCKET, R.I. (AP) — Toymaker Hasbro said Thursday it is cutting about 1,000 jobs as part of moves announced last year to save up to $300 million annually by 2025.

The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said the layoffs amount to 15% of its global full-time workforce.

Eric Nyman, president and chief operating officer, is also departing the company, Hasbro said in a statement.

Hasbro Inc. Chief Executive Chris Cocks said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

In last year’s third quarter, Hasbro reported 15% decline in revenue compared to the same period a year earlier.

Cocks said Hasbro’s consumer-products division performed poorly in the final three months of 2022 “against the backdrop of a challenging holiday consumer environment.”

He said, however, its role-playing game unit Wizards of the Coast, digital gaming, Hasbro Pulse and its licensing business posted strong fourth-quarter growth. Hasbro is due to report fourth-quarter and full-year results in mid-February.

Its stock fell about 7% in extended trading after the layoffs announcement. The shares are down 29% in the last 12 months thorough the close of Thursday’s regular trading day on Wall Street.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Former President Donald Trump sits in a courtroom next to his lawyer Todd Blanche before the start ...

Associated Press

Trump hush money trial enters new phase after defense rests without testimony from former president

Donald Trump's hush money trial is now closer to the moment when the jury will begin deciding the former president's fate.

14 hours ago

UoA student convicted of first-degree murder after killing professor...

Associated Press

Former Arizona grad student convicted of first-degree murder in 2022 shooting of professor

A former University of Arizona grad student was convicted of first-degree murder after fatally shooting a professor on campus two years ago.

16 hours ago

Rudy Giuliani bankruptcy filing defamation lawsuit...

Associated Press

Ex-NYC Mayor Rudy Giuliani, Arizona’s Kelli Ward plead not guilty in fake elector case

Giuliani appeared remotely for the arraignment that was held in a Phoenix courtroom. His trial will take place in October.

22 hours ago

President Joe Biden gestures after speaking to graduating students at the Morehouse College commenc...

Associated Press

Biden tells Morehouse graduates that scenes in Gaza from the Israel-Hamas war break his heart, too

Joe Biden on Sunday offered his most direct recognition of U.S. students' anguish over the Israel-Hamas war.

3 days ago

Rudy Giuliani...

Associated Press

Rudy Giuliani is the final defendant served indictment in Arizona fake elector case

Rudy Giuliani has been served an indictment in Arizona's fake elector case for his role in an attempt to overturn the 2020 election.

3 days ago

Houston storms cause widespread damage on Friday...

Associated Press

Some in Houston facing no power for weeks after storms cause widespread damage, killing at least 4

Houston storms cause widespread damage on Friday, May 17. Thunderstorms hit the southeastern part of Texas, killing at least four people.

5 days ago

Sponsored Articles

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

Toymaker Hasbro laying off 1,000 to cut costs