Hasbro has announced that it will eliminate about 1,100 positions from its global workforce, as the toymaker contends with soft demand that has endured into the holiday season.
The job cuts, representing about 20 per cent of its workforce, will follow headcount reductions of approximately 800 earlier this year.
“The headwinds we saw through the first nine months of the year have continued into holiday and are likely to persist into 2024,” said chief executive Chris Cocks in a memo to employees on Monday.
Hasbro expects to deliver gross annual run-rate cost savings of about $350mn to $400mn by the end of 2025, up from previous guidance of $250mn to $300mn.