LOGO: HasbroHasbro, one of Rhode Island’s largest publicly traded companies, is slashing its workforce, cutting nearly 20% of its employees.
The Pawtucket-based company has seen its stock flounder in 2023.
The job reduction in this round is 1,100 jobs, and that is on top of 800 layoffs earlier this year, Chief Executive Chris Cocks wrote Monday in a memo to employees viewed by the Wall Street Journal.
“Cocks said the move was spurred by weaker-than-expected toy sales through the first nine months of the year, which came after sales hit ‘historic, pandemic-driven highs.’ The challenges have stuck around through the holiday season and are expected to continue into next year, he wrote.
“The market headwinds we anticipated have proven to be stronger and more persistent than planned,” Cocks said in the memo. “While we’re confident in the future of Hasbro, the current environment demands that we do more.”
Hasbro reported having about 6,500 employees as of the end of 2022.
The company's stock closed on Monday at $48.98 a share, far below the 52-week high of $73.58 a share.
Hasbro joins CVS and Textron — three of Rhode Island's largest public companies in slashing jobs in 2023.
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