Hasbro, one of the world’s largest toymakers, said it would cut 15 per cent of its workforce, or about 1,000 jobs, after a disappointing holiday shopping season.
Hasbro Inc., one of the world’s largest toymakers, said it would cut 15 per cent of its workforce, or about 1,000 jobs, after a disappointing holiday shopping season.
Although Hasbro’s digital gaming business, including the Dungeons & Dragons and Magic the Gathering games, performed well, its traditional toy business faltered. While the pandemic led to a sales boom with parents buying toys for kids stuck at home, demand has cooled more recently. The company lowered its 2022 revenue forecast at an investor event in October, even as management presented a brighter longer-term future with growth coming from films, games and new online channels. Later than month, rival Mattel Inc., which owns the Barbie and Hot Wheels brands, also lowered its full-year expectations, suggesting high inflation would take a toll on the holiday shopping season.
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