Hasbro likely to cut jobs as Toys R Us fallout continues
Hasbro is expected to cut jobs as the toy industry continues to grapple with the fallout from the liquidation of Toys R Us.
The toymaker said Thursday that it plans “meaningful organizational changes” to continue its “ongoing transformation.”
“While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future,” Hasbro said.
The moves “will impact a single digit percentage of our global workforce,” the company said.
Hasbro employed 5,400 people worldwide as of its 2017 annual report. That means the cuts could range from about 50 to nearly 500 workers.
The company is heading into its first holiday shopping season without Toys R Us, which collapsed earlier this year after filing for bankruptcy protection in September 2017.
Hasbro did not attribute the expected cuts to the demise of Toys R Us, but the retailer’s implosion dealt a serious setback to toymakers that benefited from in-store impulse buys.
Despite the loss of the Toys R Us store base, Hasbro has hope on the horizon.
In 2019, the company is hoping for big wins with toys associated with the film “Frozen 2” and a Power Rangers TV series.