Toy giant Hasbro is making significant workforce cuts, laying off approximately 1,100 employees globally, as outlined in a company memo. This move is a response to persistent challenges in the toy market, exacerbated by historic highs during the pandemic and ongoing headwinds into the holiday season and expected to continue into 2024. Hasbro, which previously laid off hundreds of employees this year, is focusing on modernizing and streamlining its organization for sustained profitability.

CEO Chris Cocks emphasized that while these reductions are a difficult decision, they are essential to position Hasbro for future growth. The company aims to create a solid foundation by getting leaner and modernizing its operations. The cuts are part of a broader strategic transformation, impacting various functional areas over the next six months, with additional changes over the next year.