Hasbro announces 1,110 job cuts amid sales slump

In response to persistently weak sales, toymaker Hasbro, known for beloved brands like Peppa Pig and Transformers, announced plans on Monday to cut approximately 1,110 jobs—nearly 17% of its workforce.

The layoffs announced during the crucial holiday season follow an earlier 800-job reduction.

CEO Chris Cocks acknowledged unexpected market challenges in a memo, citing stronger and more prolonged headwinds than anticipated.

Hasbro will inform the affected employees over the next six months to a year and will provide comprehensive support packages, including job placement aid.

In response to the challenging environment, Hasbro is reassessing its strategies and planning to exit its Providence, Rhode Island office once its lease expires in January 2025. The company’s Q3 earnings report had already indicated a decline in overall revenue of 13–15% for the year.

The repercussions were evident in the company’s stock, which plummeted by nearly 20% through Monday’s close.