Hasbro Cuts 1,100 Jobs, Second Reduction This Year

Grappling with an ongoing slump in toy sales, Hasbro is cutting nearly 20 per cent of its total workforce, or 1,100 jobs.

The reduction marks the toy maker’s second mass layoff of 2023. Earlier this year, the company eliminated around 800 positions.

What’s happening at Hasbro?

In a memo to staff that was obtained by news outlets, including CNBC, CEO Chris Cocks said the challenges that Hasbro has been navigating through the first nine months of the year “have continued into Holiday and are likely to persist into 2024.”

“To position Hasbro for growth, we must first make sure our foundation is solid and profitable,” Cocks said in the Dec. 11 memo.

“To do that, we need to modernize our organization and get even leaner. While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy.”

He added that impacted staff have been notified “or will be informed in the next 24 hours, although the timings will vary by country, in line with local rules and subject to employee consultations where required.”

According to a company fact sheet, the maker of Transformers and My Little Pony toys employs a total workforce of approximately 6,300 people.

Hasbro layoffs in Canada

It remains unclear if any Canadian employees at Hasbro are affected by the latest round of layoffs.

The company has more than 170 workers in the country, according to its LinkedIn page.

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