The nearly century-old
The company said that the reductions are on top of 800 job cuts that have been taken so far in 2023 as part of moves announced last year to save up to
Like many toy companies, Hasbro is struggling with a slowdown in sales after a surge during pandemic lockdowns when parents were splurging on toys to keep their children busy. Last holiday season, many toy companies had to slash prices to get rid of merchandise due to weak demand. And the challenges have continued. Toy sales in the
“The market headwinds we anticipated have proven to be stronger and more persistent than planned," Hasbro CEO
Cocks had said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”
Shares in
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
, source