Games and toy maker Hasbro has announced it is shedding a further 1,100 jobs globally, in addition to 800 job cuts made earlier this year.
The US company, whose brands include Monopoly, Peppa Pig and Nerf guns, has said that market headwinds had proven to be “stronger and more persistent” than anticipated. In October, Hasbro said it expected sales to drop by as much as 15%, after previously forecasting a 3-5% fall.
In a memo to employees, Hasbro chief executive Chris Cocks said: “We entered 2023 expecting a year of change including significant updates to our leadership team, structure, and scope of operations. We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs.
“While we have made some important progress across our organisation, the headwinds we saw through the first nine months of the year have continued into the Holiday and are likely to persist into 2024.”
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He added: “To position Hasbro for growth, we must first make sure our foundation is solid and profitable. To do that, we need to modernise our organisation and get even leaner.
“While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy.”
He said Hasbro was making changes across the entire organisation, but that some functional areas will face more job cuts than others.
“Many of those whose roles are affected have been or will be informed in the next 24 hours, although the timings will vary by country, in line with local rules and subject to employee consultations where required,” he explained.
“This includes team members who have raised their hands to step down from their roles at the end of the year as part of our Voluntary Early Retirement Program in the US. We’re immensely grateful to these colleagues for their many years of dedication, and we wish them all the best.”
The Hasbro job cuts amount to approximately 20% of its global workforce. In the UK, it employs around 160 people in Hayes, Middlesex.
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