Hasbro is laying off approximately 1,100 employees due to sluggish sales during the holiday shopping season, as stated in a company memo obtained by CNBC.
According to a company fact sheet, Hasbro had around 6,300 employees earlier this year.
In premarket trading on Tuesday morning, the company’s shares dropped more than 5%. Mattel, its rival, also experienced a decline in stock.
“We expected the first three quarters to be challenging, especially in the Toys sector, where the market is returning from historically high levels driven by the pandemic,” CEO Chris Cocks mentioned in the memo. “Although we have made significant progress throughout our organization, the obstacles we faced in the first nine months of the year have persisted into the holiday season and are likely to continue into 2024.”
Hasbro, which had already laid off hundreds of employees earlier this year, had previously warned in October about upcoming difficulties. In its most recent quarterly earnings report, Hasbro reduced its already weak full-year…
2023-12-12 08:01:11
Post from www.cnbc.com
rnrn