(RestoreAmericanGlory.com) – Hasbro, the famous game and toy maker, announced that following a soft holiday sales season they would be letting go of 20 percent of their workforce, which amounts to around 1,100 jobs.
On Monday, Chris Cocks, the CEO of the company, sent out a memo noting that in the past year Hasbro had made important strides but due to the current market conditions they were forced to take additional action. As he pointed out the expected market headwinds proved to be much stronger than originally forecasted.
In the memo, Cocks disclosed that while they were confident that the toy maker would continue to exist, the current environment requires them to make some of the toughest choices they have ever had to make.
Cocks pointed out that they had anticipated that the first three quarters following the pandemic surge in spending would be hard, they had not anticipated that these types of market conditions would continue into the holiday season. He added that they were currently anticipating that these trends would continue into 2024.
This decision comes close to a year after the Rhode Island-based company had announced the initial cuts of 15 percent of their global workforce because of the need to cut costs. These initial layoffs had been announced in January and would save the company an estimated $300 million.
In the United States Toy sales dropped by 8 percent between January and August. The shares of Hasbro Inc., have also dropped by close to 6 percent.
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