October 22, 2018 169 Views
Hasbro will lay off up to 10% of its employees, victims of the fallout after Toys “R” Us closed its doors.
The toymaker has not yet disclosed how many of its 5,400 global employees will lose their jobs. Just over half of Hasbro’s staff works in the United States.
“While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future,” a company spokesperson said in a statement.
Hasbro said the job cuts should save the company between $30 million to $40 million a year by 2020. Hasbro’s sales fell 12% in the third quarter, a drop the company attributed primarily to the loss of Toys “R” Us. Operating profit fell 13% in the third quarter, though the company got a slight benefit from the new US tax law.
Hasbro, which makes Monopoly, Play-Doh, Nerf, Transformers and My Little Pony toys, also laid off an undisclosed number of workers in the first quarter. Most of those job cuts were outside the United States.