Thats about 20% of the companys global workforce.
The market headwinds we anticipated have proven to be stronger and more persistent than planned.
But the market headwinds we anticipated have proven to be stronger and more persistent than planned.
Hasbro’s Marvel Spidey and His Amazing Friends action figures, a preschool hit.Hasbro
Our leadership team came to this difficult decision after much deliberation.
We recognize this is heavy news that affects the livelihoods of our friends and colleagues.
Our focus is communicating with each of you transparently and supporting you through this period of change.
I want to start by addressing why we are doing this now, and whats next.
To position Hasbro for growth, we must first ensure our foundation is solid and profitable.
To do that, we need to modernize our organization and get even leaner.
While were making changes across the entire organization, some functional areas will be affected more than others.
What else are we doing?
I know this news is especially difficult during the holiday season.
We value each of our team members they arent just employees, theyre friends and colleagues.
We decided to communicate now so people have time to plan and process the changes.
For those employees affected we are offering comprehensive packages including job placement support to assist in their transition.
Looking ahead
As Gina often says, cost-cutting is not a strategy.
We know this, and thats why well continue to grow and invest in several areas in 2024.
I know there is no sugar-coating how hard this is, particularly for the employees directly affected.
Were grateful to them for their contributions, and we wish them all the best.
