Hasbro to Cut Jobs, Grappling With Toys ‘R’ Us Fallout and Sales Declines
(Bloomberg) -- Hasbro Inc., battling through competition and toy-industry disruption, announced on Friday that it’s reducing its workforce. The cuts will be in the “single digit percentage,” the toymaker said in a statement, without disclosing more details.
- Hasbro reports earnings on Monday, so the announcement lets the Pawtucket, Rhode Island-based company clear the deck beforehand.
- The company has been hit this year by the liquidation of Toys “R” Us Inc. -- one of its top customers. Sales declined for the past three quarters and are expected to fall again.
- The toy industry has also been contending with the rise of e-commerce. That’s forced companies to re-think distribution models.
- Hasbro had 5,400 employees at the end of 2017.
- Hasbro fell as much as 2.4 percent to $96.17 on the news, which was first reported by the Wall Street Journal. Mattel Inc. also slipped, reversing earlier gains.
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