Toymaker Hasbro cuts 3% of its total workforce, WSJ reports
Toy seller Hasbro has cut 3% of its global workforce in its latest cost-cutting effort amid higher US tariffs on toys from China.
The job cuts amount to about 150 employees. According to its fiscal 2024 annual filing, the company had roughly 4,985 employees globally.
'We are aligning our structure with our long-term goals,' Hasbro spokesperson Abby Hodes told Reuters.
Hasbro said around 150 employees would lose their jobs.
AP
Hasbro sources about half of its toys and games sold in the US from China. The toymaker has been speeding up efforts to diversify sourcing and reduce exposure to China.
Swirling worries about a global trade war after President Trump's tariffs on trading partners have piled pressure on the toy industry that was already struggling with tepid demand.
'Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders,' Hasbro CEO Chris Cocks had said during an earnings call in April.
The company also said it was reassessing logistics routes and manufacturing in the call.
In December 2023, Hasbro said it would cut 900 jobs globally, nearly a year after saying it would reduce 15% of its workforce due to weaker sales.
Hasbro CEO Chris Cocks.
Evan Agostini/Invision/AP
The Wall Street Journal first reported on the job cuts on Tuesday. The report added that the job cuts are part of a multi-year restructuring at Hasbro. The Play-Doh maker did not comment on the number of job cuts.
In April, Hasbro beat estimates for quarterly results, as a shift towards its digital and licensed gaming businesses helped attract younger customers after it has struggled to drum up demand for its toy business for about three years now.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Motor 1
an hour ago
- Motor 1
'Zero' Demand: Ferrari Is Reportedly Delaying Its Second EV
Electric performance cars have proven to be a hard sell. Even Mate Rimac, who started a company that makes EV hypercars, thinks so, and that's proving to be bad news for Ferrari. Reuters, citing anonymous sources, reports that Ferrari is delaying its second EV from 2026 to 2028, because right now, there's evidently "zero" demand for such a car. The Reuters story, which The Drive brought to our attention , says that Ferrari's first EV will be a low-volume special model, and a "symbolic milestone model that will meet its promise to launch its first EV in 2026." The second electric Ferrari, which was supposed to arrive by the end of next year, will be a higher-volume production car. Ferrari sells around 5,000 to 6,000 examples of each regular-production model over a five-year run, but one of Reuters' sources said that would be impossible with an EV arriving next year. There's virtually no customer interest, so Ferrari is delaying the model until 2028 at the earliest. This additional time also has the side benefit of allowing Ferrari to further develop its EV technology. We reported previously Ferrari has applied for patents on a virtual engine-and-transmission system for electric cars , not unlike what Hyundai has done successfully with the Ioniq 5 N. Still, one of Reuters' sources said that the main reason for the delay is the demand issue, not anything having to do with the car itself. Ferrari isn't the only Italian performance-car brand to delay its electric performance car plans. As Reuters notes, Lamborghini pushed back the launch for its first EV from 2028 to 2029 , and Maserati outright killed the electric MC20 . EV demand is slower than many automakers once anticipated, and regulatory pushes to end gas-car production have been either delayed or abandoned entirely. For Ferrari, a wait-and-see approach might not be such a bad thing, rather than committing to something it might not need to build after all. Or, customers might suddenly embrace performance EVs at a greater rate. More on Ferrari's EV The Electric Ferrari Isn't Coming This Year Ferrari's EV Has a Fake Exhaust Noise. Here's What It Sounds Like Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
an hour ago
- Yahoo
Gold flat as investors stay on sidelines ahead of Fed decision
By Brijesh Patel (Reuters) -Gold prices were flat in Asia trade on Wednesday as investors held back from placing large bets ahead of the U.S. Federal Reserve's policy decision, while also keeping a close watch on the developments surrounding the Israel-Iran conflict. Spot gold was flat at $3,388.04 an ounce, as of 0341 GMT. U.S. gold futures were mostly unchanged at $3,406.50. "Gold fluctuated as investors tracked the escalation of risk in the Middle East. Tepid US reports on retail sales, housing and industrial output bolstered the case for the Fed to cut rates later this year," analysts at ANZ said in a note. Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day despite a call from U.S. President Donald Trump for Iran's unconditional surrender. The U.S. is deploying more fighter aircraft to the Middle East and extending the deployment of other warplanes, three U.S. officials told Reuters. Data on Tuesday showed U.S. retail sales dropped more than expected in May, weighed down by a decline in motor vehicle purchases as a rush to beat potential tariff-related price hikes ebbed. Meanwhile, the U.S. central bank is widely expected to leave interest rates unchanged at the end of its policy meeting later in the day. Focus will also be on Fed's updated projections for the economy and the benchmark interest rate. "We maintain our forecast that structurally strong central bank buying and the boost to ETF holdings from Fed cuts will raise the gold price to $3,700/oz by end-2025 and $4,000 by mid-2026," Goldman Sachs said in a note. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.43% to 945.94 tonnes on Tuesday. [GOL/ETF] Elsewhere, spot silver eased 0.1% to $37.22 per ounce, platinum rose 0.3% to $1,266.04, while palladium gained 0.3% to $1,054.63. Sign in to access your portfolio
Business Insider
2 hours ago
- Business Insider
Hasbro cuts 3% of global workforce, WSJ reports
Hasbro (HAS) trimmed 3% of its global workforce, which comes as the company faces higher costs due to tariffs, The Wall Street Journal's Kelly Cloonan reports. The job cuts amount to about 150 employees, based on the nearly 5,000 total employees the company had at the end of last year, according to Hasbro's most recent annual report. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
