Toy and entertainment giant Hasbro is cutting a significant amount of jobs, citing a softer market for toys. Hasbro said in an SEC filing that it conducted a “further review” of its cost structure and organization design, and it is shedding 900 jobs as a result. Hasbro said this will include both voluntary early retirement and layoffs, which are due to be completed in the next 18-24 months.
This move comes after Hasbro announced a cost-savings effort in October 2022 and announced a plan to eliminate about 1,000 jobs, which works out to about 15% of the company’s total workforce. Hasbro said it expected to spend more than $94 million for severance, stock compensation, and employee benefits related to those cuts. The 900 job losses announced today bring the total number of cuts to 1,900, with a further $40 million in expenses related to the cuts.
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Source: Gamespot