Hasbro has announced that it will be axing 1,100 jobs after enduring torrid sales during the Christmas season. It comes as the company, which is responsible for products including Monopoly, Play-Doh and Transformers action figures, had already slashed 800 jobs in 2023.
The group said it made the move as a “last resort” in a devastating blow to staff just two weeks before Christmas.
In a statement, Chris Cooks – Hasbro’s chief executive – said the company’s decision was a “lever we must pull to keep Hasbro healthy”.
He also noted that it would allow the company to prepare for any potential “headwinds” that could persist in 2024.
READ MORE: World economy on ‘brink of collapse’ as Cold War risks ‘annihilating’ free trade
According to the Guardian, Cooks told staff in an email: “While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make.”
He described how the news was “especially difficult during the holiday season” and added that there was “no sugar-coating how hard this is, particularly for the employees directly affected”.
Hasbro’s struggles come as rival Mattel enjoyed a major boost in sales thanks to the release of the Barbie film – which is based on one of its products.
Mattel’s shares as a result were increased by around six percent this year.
That is a stark comparison to Hasbro, which saw its stock fall by 21 percent.
Cook added: “We entered 2023 expecting a year of change including significant updates to our leadership team, structure, and scope of operations.
“We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs.
“While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024.”
