Toy company Hasbro cuts almost 20 percent of jobs
The toy giant Hasbro is cutting almost 20 percent of its jobs following weaker-than-expected Christmas sales. Although Hasbro had expected declines in the first nine months of this year following the surge in business during the coronavirus pandemic, it is now clear that the "headwinds" will continue into 2024, company boss Chris Cocks wrote in an email to employees.
1100 jobs are to be cut. Of these, 200 still stem from a reduction of 1000 jobs announced at the beginning of the year but not fully implemented.
Hasbro's products include Play-Doh, board games such as Monopoly and figures such as My Little Pony and Transformers. As with its big rival Mattel, Hasbro is not only facing the challenge of falling spending on toys following the pandemic boom, but also a general change in children's interests with the rise of video games and smartphones.
Mattel benefited this year from the huge success of the "Barbie" film, which has also boosted sales of dolls since the summer.
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The "headwinds" affecting Hasbro's sales are expected to persist until 2024, causing a significant job loss of 1100 positions, with 200 of these stemming from an earlier reduction. Despite facing challenges from reduced toy spending and shifting children's interests towards video games and smartphones, the toy company, known for brands like Play-Doh and My Little Pony, still mourns a 20 percent job cut due to weaker-than-expected holiday sales.
Source: www.ntv.de
