News Summary: Hasbro to make some job cuts
Hasbro plans to cut about 10 pct. of its workforce; 4Q revenue misses expectations
JOB CUTS: Toy maker Hasbro said Friday that it plans to cut about 10 percent of its workforce and consolidate facilities to reduce expenses. The company has about 5,500 employees worldwide. A 10 percent workforce cut would put about 550 people out of work.
HOLIDAY SOFTNESS: Hasbro Inc. said fourth-quarter revenue failed to meet expectations due to weaker-than-expected demand over the holidays. The company anticipates revenue of approximately $1.28 billion for the period. Analysts polled by FactSet predicted revenue of $1.4 billion.
COST SAVINGS: Hasbro has created a plan to deliver $100 million in annual cost savings by 2015.