Hasbro laying off 1,100 workers as weak toy sales persist into holiday season
Publishing timestamp: 2023-12-12 08:01:11
Summary
Hasbro is cutting 1,100 jobs as the company struggles with declining toy sales. The layoffs come after the company had already cut 800 jobs earlier in the year. Hasbro's stock fell more than 5% in premarket trading. The CEO cited challenging market conditions and headwinds that are likely to persist into 2024. The company had previously warned of trouble on the horizon and had slashed its full-year outlook. Hasbro's competitor, Mattel, also warned of soft sales. The article highlights the difficult decision to lay off employees and the company's efforts to modernize and streamline its operations.
Sentiment: NEGATIVE
Tickers: HAS,
Keywords: retail industry, hasbro inc, business news, entertainment, television, breaking news: business, media, business,
Source: https://www.cnbc.com/2023/12/11/hasbro-layoffs-weak-toy-sales.html