Toymaker Hasbro laying off 1,000 to cut costs

PAWTUCKET, R.I. (AP) — Toymaker Hasbro said Thursday it is cutting about 1,000 jobs as part of moves announced last year to save up to $300 million annually by 2025.

The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys said the layoffs amount to 15% of its global full-time workforce.

Eric Nyman, president and chief operating officer, is also departing the company, Hasbro said in a statement.

Hasbro Inc. Chief Executive Chris Cocks said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

In last year’s third quarter, Hasbro reported 15% decline in revenue compared to the same period a year earlier.

Cocks said Hasbro's consumer-products division performed poorly in the final three months of 2022 “against the backdrop of a challenging holiday consumer environment.”

He said, however, its role-playing game unit Wizards of the Coast, digital gaming, Hasbro Pulse and its licensing business posted strong fourth-quarter growth. Hasbro is due to report fourth-quarter and full-year results in mid-February.

Its stock fell about 7% in extended trading after the layoffs announcement. The shares are down 29% in the last 12 months thorough the close of Thursday's regular trading day on Wall Street.