Hasbro, one of the world’s leading toy manufacturers, announced that it is laying off 1100 workers as sales continue to remain weak during the holiday season.
The company, which is best known for its iconic brands like Monopoly and My Little Pony, stated that the layoffs are part of a restructuring effort to help the company remain competitive in today’s challenging market.
The move follows a difficult year for the toymaker, which has seen weak sales globally due to the pandemic. This is reflected in Hasbro’s recent quarterly report, which showed revenues were down 7% compared to the same period last year.
Hasbro CEO Brian Goldner stated that the layoffs are “a difficult but necessary decision to reduce costs and improve efficiency,” adding that the company is “focused on ways to increase profitability and build on our strong brands while maintaining our commitment to our employees and their well-being.”
The company’s statement also made sure to emphasize that it is committed to assisting the employees affected by this move. The company is offering severance packages, retirement salary supplements, healthcare benefits and outplacement services.
The toy industry is not the only one suffering from the global economic downturn. Many companies are cutting jobs and reducing their workforces in the face of declining demand. However, Hasbro’s restructuring effort shows that the company is determined to remain competitive in a difficult environment.
As difficult as this decision is, it could ultimately help the company restore profitability over the long run. Only time will tell how successful Hasbro’s restructuring effort will be, but the company is certainly taking the necessary steps to ensure a brighter future.
Hasbro, one of the world’s leading toy manufacturers, announced that it is laying off 1100 workers as sales continue to remain weak during the holiday season.
The company, which is best known for its iconic brands like Monopoly and My Little Pony, stated that the layoffs are part of a restructuring effort to help the company remain competitive in today’s challenging market.
The move follows a difficult year for the toymaker, which has seen weak sales globally due to the pandemic. This is reflected in Hasbro’s recent quarterly report, which showed revenues were down 7% compared to the same period last year.
Hasbro CEO Brian Goldner stated that the layoffs are “a difficult but necessary decision to reduce costs and improve efficiency,” adding that the company is “focused on ways to increase profitability and build on our strong brands while maintaining our commitment to our employees and their well-being.”
The company’s statement also made sure to emphasize that it is committed to assisting the employees affected by this move. The company is offering severance packages, retirement salary supplements, healthcare benefits and outplacement services.
The toy industry is not the only one suffering from the global economic downturn. Many companies are cutting jobs and reducing their workforces in the face of declining demand. However, Hasbro’s restructuring effort shows that the company is determined to remain competitive in a difficult environment.
As difficult as this decision is, it could ultimately help the company restore profitability over the long run. Only time will tell how successful Hasbro’s restructuring effort will be, but the company is certainly taking the necessary steps to ensure a brighter future.
