Layoffs coming to Hasbro as Monopoly maker, D&D publisher to shed 1,000 jobs

Jack Perry, The Providence Journal
·2 min read
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The revolving sign atop the Hasbro Building in downtown Providence. Hasbro on Thursday announced it plans to lay off 1,000 employees after a weak fourth quarter of 2022.
The revolving sign atop the Hasbro Building in downtown Providence. Hasbro on Thursday announced it plans to lay off 1,000 employees after a weak fourth quarter of 2022.

Pawtucket-based Hasbro, Inc., says it will lay off 1,000 employees, or about 15% of its global workforce, after a drop in revenue in the fourth quarter of 2022 driven by weakness in its consumer-products business and "a challenging holiday" sales season.

The layoffs will start in the next several weeks and are part of an effort to save $250 to $300 million annually by the end of 2025, the company said in a news release Thursday. Hasbro is among the state's top employers, with between 1,000 and 2,000 workers in Rhode Island, the Rhode Island Commerce said in September.

"A small percentage" of the layoffs will affect the Rhode Island workforce, according to Hasbro.

"The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly. However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success," Chris Cocks, Hasbro's chief executive officer, said.

The maker of Monopoly and Transformers and publisher of Dungeons & Dragons had fourth-quarter revenue of about $1.68 billion, according to preliminary results, down 17% from the fourth quarter of 2021.

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"Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment," Cocks said in the release.

Hasbro's consumer products include toys, games, apparel, music, publications and location-based entertainment, according to its website.

Hasbro says it plans to "focus on fewer, bigger brands, gaming, digita; and our rapidly growing direct-to-consumer and licensing businesses."

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Hasbro also announced that its president and chief operating officer, Eric Nyman, is leaving the company after 18 years. The consumer products business will report directly to Cocks, the CEO.

Hasbro's full-year revenue for 2022 was about, $5.86 billion, according to preliminary results, down 9% from 2021. Hasbro says it will provide further details during a webcast on Feb. 16.

This article originally appeared on The Providence Journal: Hasbro, headquartered in Rhode Island, to lay off 1,000 employees