Hasbro has informed employees that a new round of layoffs is on the way, along with the closure of one of its offices in Rhode Island.
Advertisement
2023 is proving to be a difficult year for the Hasbro toy company. Despite celebrating its 100th anniversary, the company had to lay off around 800 employees at the beginning of the year. The was followed up on Monday by an email that was sent out to employees that an even larger round of layoffs was going to occur.
“The market headwinds we anticipated have proven to be stronger and more persistent than planned,” wrote Hasbro CEO Chris Cocks in a letter to his staff and seen by Toy Book. “While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make.”
He went on to add, “I know this news is especially difficult during the holiday season. We value each of our team members – they aren’t just employees, they’re friends and colleagues. We decided to communicate now so people have time to plan and process the changes. For those employees affected we are offering comprehensive packages including job placement support to assist in their transition.”
While some of the layoffs will take place immediately, others will happen throughout 2024.
The company is also planning to shutter its office in Providence, Rhode Island by 2025.
Which divisions of the company this will be impacting is unknown at this time.
