Dec 11, 2023 - Business

Hasbro laying off 1,100 workers as weaker toy sales linger into holiday season

Rebecca Falconer

A Peppa Pig character under the Hasbro logo at an event in London, England. Photo: John Keeble/Getty Images

Hasbro is laying off some 1,1000 employees, the toymaker announced Monday in a memo to staff that was shared in an SEC filing.

The big picture: The maker of children's favorites like Peppa Pig and Transformers action figures, along with Monopoly and the Dungeons & Dragons fantasy game has already laid off 800 workers, according to the memo.

Driving the news: "We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs," Hasbro CEO Chris Cocks said in the memo.

"While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024."
The Wall Street Journal first reported that weaker sales for toys and games continuing into the holiday shopping period had led to the cuts.

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Hasbro laying off 1,100 workers as weaker toy sales linger into holiday season

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