The maker of Transformers action figures and Monopoly will lay off about 1,100 workers globally – close to 20% of its staff.
Image source, ReutersUS toy giant Hasbro says it is cutting more jobs as it struggles with weaker sales in the build-up to Christmas.
The maker of Transformers action figures and Monopoly will lay off about 1,100 workers globally – close to 20% of its staff.
The job cuts come as the toy industry generally is facing a slowdown in demand for its products.
“Market headwinds… have proven to be stronger and more persistent than planned,” Hasbro CEO Chris Cocks said.
In an email sent to employees on Monday, he said: “I know this news is especially difficult during the holiday season.”
He added that there was “no sugar-coating how hard this is, particularly for the employees directed affected”.
The company, which also makes the Dungeons & Dragons fantasy game, expects layoffs to be largely completed in the next 18 to 24 months, the Reuters news agency reported.
The latest reductions come on top of 800 cuts that have been made so far this year as the firm tries to save up to $300m (£238m).
The Associated Press news agency reports that like many other toy makers, Hasbro is struggling with a slowdown in sales after a surge during the pandemic when some parents bought toys to keep their children busy.