NEW YORK — Toy maker Hasbro said Monday it is cutting about 1,100 jobs, or 20 percent of its workforce, as the malaise in the toy business extends through another holiday shopping season.
The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys disclosed the layoffs in a memo to employees published in a regulatory filing. The Wall Street Journal first reported the news.
The company said that the reductions are on top of 800 job cuts that have been taken so far in 2023 as part of moves announced last year to save up to $300 million annually by 2025. As of year-end 2022, the company said it had 6,490 employees.
Like many toy companies, Hasbro is struggling with a slowdown in sales after a surge during pandemic lockdowns when parents were splurging on toys to keep their children busy. Last holiday season, many toy companies had to slash prices to get rid of merchandise due to weak demand. And the challenges have continued. Toy sales in the U.S. were down 8 percent from January through August, based on Circana’s most recent data.
