Hasbro laying off 1,000 employees

Toymaker Hasbro said it is cutting about 1,000 jobs (15 Percent of Workforce)as part of moves announced last year to save up to $300 million annually by 2025.

Eric Nyman, president and chief operating officer, is also departing the company, Hasbro said in a statement.

“We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability,” Hasbro CEO Chris Cocks said in a statement. “While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

Cocks said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”