Amid tariffs, Hasbro lays off 3 percent of global workforce
The
employed just shy of 5,000 people as of the end of 2024, according to its
The layoffs, first reported by the
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'We are aligning our structure with our long-term goals,' Hasbro told the Globe in a statement on Wednesday.
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In recent years, Hasbro has worked to trim expenses, including through transforming its supply chain.
In last year's annual report, the company said since 2022, the savings program had 'delivered approximately $600 million of gross cost savings and $320 million of net cost savings.' In October, Hasbro announced it would lay off
In the first quarter of 2025, Hasbro reported a 17 percent increase in revenue, supported by momentum behind the game, Magic: The Gathering.
Still, toymakers have been bracing for fallout from tariff policies rolled out by the Trump Administration.
Roughly 40 percent of Hasbro's toys are produced in China, although the company has vowed to reduce that figure to 20 percent in the coming years. Late last year, Gina Goetter, Hasbro's chief financial and operating officer, said Hasbro is working with suppliers to invest in new manufacturing sites.
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On an
The company has also pushed back its timeline on announcing whether it will relocate its headquarters out of Rhode Island and into the Boston area,
While the company is hopeful for a 'more predictable and favorable U.S. trade policy environment, we must acknowledge the costs imposed by current tariffs,' Cocks said.
'Even with Hasbro's relative strength and flexibility, logistics are becoming more complex and changes in receivables and shipping dynamics present a challenge,' Cocks said in April. 'Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders.'
Material from previous Globe stories was used in this report.
Christopher Gavin can be reached at
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