Greetings
Rebel Scum. Hasbro is making headlines with reports that a significant number of employees will soon be looking for new jobs.
According to regulatory filings, Hasbro employed almost 6,500 people globally at the end of 2022. Earlier in 2023, roughly 800 employees were let go. They have now announced an additional 1,100 layoffs bringing that total to 1,900, which is almost 30% of it's 2022 workforce.
Here are some excerpts from a
company-wide memo from CEO Chris Cocks sent out on 12/11/23:
"A year ago, we laid out our strategy to focus on building fewer, bigger, better brands and began the process of transforming Hasbro"..."But the market headwinds we anticipated have proven to be stronger and more persistent than planned. 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.
Today we’re announcing additional headcount reductions as part of our previously communicated strategic transformation, affecting approximately 1,100 colleagues globally in addition to the roughly 800 reductions already taken."
"We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs. 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."
"Many of those whose roles are affected have been or will be informed in the next 24 hours"..."The majority of the notifications will happen over the next six months, with the balance occurring over the next year as we tackle the remaining work on our organizational model."
"...Cost-cutting is not a strategy. We know this, and that’s why we’ll continue to grow and invest in several areas in 2024.
As we uncover more cost savings, we'll invest in new systems, insights and analytics, product development and digital – all while strengthening our leading franchises and ensuring our brands have the essential marketing they need to thrive well into the future.
We’ll also tap into unlocked potential across our business, like our new supply chain efficiency, our direct-to-consumer capabilities, and key partnerships to maximize licensing opportunities, scale entertainment, and free up our own content dollars to drive new brand development."
The mix of increased inflation levels leading to higher product price points, coupled with buyers having less disposable income is proving to be a challenging situation. Obviously Hasbro produces a lot more toys than just
Star Wars, it's unclear what impact this will have on their product lines.
What is your take on this news
Rebel Scum?
Care to make any predictions on the future of Hasbro?
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