Hasbro, one of the biggest toy manufacturers in the world with licenses including Marvel, Star [...]
Hasbro, one of the biggest toy manufacturers in the world with licenses including Marvel, Star Wars, Transformers, and Wizards of the Coast, is set to being massive layoffs. The company confirmed the news in a press release, reveling that 15% of their global workforce will be cut throughout the next year, roughly 1,000 jobs in total.
Speaking in a statement, Hasbro chief executive officer Chris Cocks said,"Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment...We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability.
He added,"The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly. However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success." According to Hasbro, while their toy business fell in the fourth quarter of 2022, Wizards of the Coast and their Digital Gaming segment brought in $339 million in revenue, a growth of 22% year-over-year. For the entirety of 2022, the two brands brought in approximately $1.33 billion in segment revenue, up 3% year-over-year.
Hasbro's intention for the next few years is to stick to their"Blueprint 2.0 strategy" that they revealed in October. This would entail investing in direct-to-consumer sales like their Hasbro Pulse brand and licensing their products to other brands .
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