NEW YORK: Toy company Hasbro – home to Transformers, My Little Pony and Monopoly – on Monday said it was cutting nearly 1,000 more jobs after a first round of cost-cutting fell short of goals.
In a legal filing with the Securities and Exchange Commission, the company said 900 jobs would be eliminated over the next two years.
"The market headwinds we anticipated have proven to be stronger and more persistent than planned," CEO Chris Cocks said in a memo to staff.
"While we're confident in the future of Hasbro, the current environment demands that we do more."
The group had already announced in January that it would be cutting around 1,000 jobs worldwide this year, following lower-than-expected sales over the holiday season.
At the end of 2022, it employed 6,490 people, according to its annual report.
Hasbro posted a net loss of US$171 million in the third quarter, mainly due to a sharp drop in activity in its core business – traditional toys and games.
A year earlier, it had posted a profit of US$129 million.
The first round of downsizing was expected to cost US$94 million – particularly for severance payments – and the second announced on Monday is expected to cost around US$40 million.
In trading after the close of the New York Stock Exchange, Hasbro shares were down 4.89 per cent. — AFP
