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Hasbro cuts 15% of its workforce

(New York) American toy manufacturer Hasbro announced Thursday that it will cut about 1,000 jobs, or 15% of its workforce, in 2023, after sales were lower than expected during the holiday season.

While some businesses such as Magic Card Publishing or figurines held up well, other products such as board games “didn’t perform as well as expected in the fourth quarter on the back of a challenging environment for consumers during the holidays,” CEO Chris Cox said in a statement.

The group will disclose its results for the fourth quarter on February 16, but it already estimates that, according to preliminary data, its sales volume for this period will decrease by 17% compared to 2021, to reach $1.68 billion.

Over the whole of 2022, its turnover should have fallen 9%.

The movement lost 7.5% in electronic trading following the formal session on Wall Street.

Hasbro had already indicated in October that it intended to save between $250 and $300 million annually by the end of 2025.

Many US groups, especially those that enjoyed a business boost during the pandemic, are now making plans to lay off workers due to the drop in demand for their products.

The unemployment rate in spite of everything in December remained at a very low level in the United States, at 3.5%.

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