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Hasbro Announces Additional Layoffs

Deadline reported on December 11 that Hasbro is cutting about 1,100 staff positions in addition to the previously announced layoffs earlier this year, which amounted to 800 layoffs. This brings the total company-wide layoffs to 20% of its workforce.

In an email addressed to staff, CEO Chris Cocks cited "stronger headwinds" in the market than expected leading to the decision. He stated the company expects the market difficulties to persist through 2024. The employees terminated will be alerted throughout the next six months, with the bulk of notifications occurring within 24 hours of the announcement.

During the previous workforce announcement in January 2023, the company said it was expecting a 17% loss year-over-year to US$1.68 billion in its fourth quarter earnings report. According to ICv2, major contributing factors to the losses included US$300 million in charges for changes to entertainment and business plans, US$21 million in charges in relation to its sale of part of its eOne TV and film business, and US$78 million in charges associated with the layoffs.

Hasbro appointed Chris Cocks as its new CEO and as a board member for the company effective February 2022. Rich Stoddart was acting as Hasbro's interim CEO after previous Chairman and CEO Brian Goldner passed away in October 2021. Goldner joined Hasbro in 2000 and became its CEO in 2008.

Hasbro acquired Power Rangers and several other brands from Saban Properties in 2018.

Source: Deadline (Jill Goldsmith)