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Submission: On December 16 via api from BE — Scanned from DE
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Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy Economy Published December 12, 2023 9:42am EST HASBRO CUTTING 1,100 JOBS AS TOY SALES SLOW HASBRO CUT 800 POSITIONS EARLIER THIS YEAR * Facebook * Twitter * Comments * Print * Email By Daniella Genovese FOXBusiness close video RETAIL INDUSTRY WILL HAVE ONE OF THE ‘TOUGHEST’ SEASONS: GERALD STORCH Storch Advisers CEO Gerald Storch discusses the retail industry and consumer health on ‘Varney & Co.’ Toy manufacturer Hasbro Inc. is laying off nearly 20% of its global workforce after facing back-to-back quarters of falling toy sales. CEO Chris Cooks said in a Monday memo to staff that the cuts will affect approximately 1,100 employees. This comes in addition to the roughly 800 job cuts that were already made earlier this year, according to Cooks. The chief executive acknowledged that this news is "especially difficult during the holiday season," but that Hasbro, the maker of Monopoly and Candy Land, faced weak toy sales throughout 2023, including during the holiday shopping season. HOLIDAY SALES FORECAST TO HIT RECORD HIGH THIS YEAR, DESPITE GROWING ECONOMIC HEADWINDS The company projected that trend to continue into the new year. Hasbro Inc. signage is displayed on a Baby Alive brand doll box in Atlanta, Georgia, on July 20, 2019. (Tiffany Hagler-Geard/Bloomberg via Getty Images / Getty Images) "We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs," Cooks told staff, adding that "the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024." Ticker Security Last Change Change % HAS HASBRO INC. 50.38 -0.91 -1.77% Powered By RETAILERS CAUTIOUS THIS HOLIDAY SEASON TO AVOID EXCESS INVENTORY To better position the company for growth, Cooks said it needs to ensure the "foundation is solid and profitable," which includes becoming leaner. "While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy," Cooks added. GET FOX BUSINESS ON THE GO BY CLICKING HERE Many of the employees who were impacted will be notified by Tuesday, although the timings will vary by country. The majority of the notifications will happen over the next six months, according to a regulatory filing. The layoffs will be completed over the next 18 to 24 months, the company added. 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