Hasbro, the world's largest toymaker, is laying off 1,100 workers, after 800 layoffs were announced earlier this year, citing a difficult business climate that has been sluggish to recover, as per CEO Chris Cocks.
That equates to around 20% of the company's global workforce.
“The market headwinds we anticipated have proven to be stronger and more persistent than planned. 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,” the chief executive said in an email to staff today.
In an important step towards refocusing its operations, the Rhode Island-based corporation decided to sell eOne to Lionsgate for $500 million in August. Cocks pointed to accomplishments such as "retooling our supply chain, improving our inventory position, lowering costs, and reinvesting over $200M back into the business while growing share across many of our categories."
However, he stated that the anticipated improvement for the holidays and into 2024 had not occurred.
He stated that staff who will be let go would be told over the following six months, with many of them receiving notice within the next 24 hours.
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