AssetID: 53300291
Headline: UNCAPTIONED: Hasbro to Lay Off 1,100 Employees
Caption: Hasbro to Lay Off 1,100 Employees. In a memo to staff members on Dec. 11, Hasbro CEO Chris Cocks revealed that the company will be letting go of close to 20% of its workforce, CNN reports. The announcement comes after 800 jobs were already eliminated earlier in 2023. According to Cocks, the decision to further reduce the company's workforce is due to market headwinds being "stronger and more persistent than planned". "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.", Hasbro CEO Chris Cocks, via memo. Some employees will be let go this week, while the rest of the layoffs will occur "over the next six months," CNN reports. Other cost-cutting measures that Hasbro previously announced include selling its film and TV business, eOne, to Lionsgate for $500 million. The toy company will also reduce its office footprint by exiting Providence, RI, by the beginning of 2025. Hasbro is known for toys such as Transformers, 'Magic: The Gathering,' Play-Doh, 'Dungeons & Dragons' and more. It had 6,300 employees before more layoffs were announced. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Hasbro,lay off,redundancies,employees,thousands,games,producer,distributor,CEO,Chris Cocks,workforce,let go,announced,toys,manufacturer
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