PAWTUCKET, R.I. (WPRI) — Hasbro, one of the world’s largest toy companies and one of Rhode Island’s biggest businesses, announced Thursday the company plans to cut 15% of its workforce this year.
The decision follows a lackluster holiday shopping season for the Pawtucket-based company, according to Hasbro CEO Chris Cocks, who succeeded the late Brian Goldner in early 2022. Full results will be reported next month.
“Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse and our licensing business, our Consumer Products business underperformed … against the backdrop of a challenging holiday consumer environment,” Cocks said in a statement.
Hasbro plans to make the cuts — totaling roughly 1,000 jobs — over the next several weeks. 12 News has learned a small percentage of those laid off will be Hasbro employees in Rhode Island.
“The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly,” Cocks said. “However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success.”
Hasbro shares slumped more than 6% in after-hours trading following the announcement. The company also said its president and chief operating officer, Eric Nyman, will step down.
Kim Kalunian and Ted Nesi contributed to this report.