Hasbro to Lay Off 1,000 Staffers, 15 Percent of Workforce, Amid Cost-Savings Push

The toy and entertainment giant Hasbro says that it will cut its workforce by 15 percent, or 1,000 employees, in the coming weeks.

The significant layoffs are part of a larger restructuring and cost-savings effort underway, with the company having already put its TV and film division Entertainment One up for sale.

“We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability,” Hasbro CEO Chris Cocks said in a statement. “While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.” Related Stories Business Entertainment One CEO Darren Throop to Step Down Business Hasbro Wins Proxy Battle Against Activist Investor Alta Fox

In selling eOne, Hasbro articulated a strategy in which it leans into franchise brands like Transformers, Peppa Pig, and Dungeons & Dragons, including in entertainment, though it may do so without its in-house studio. Hasbro looked to the eOne deal in 2019 to make the toy maker into a media contender as it combined the indie studio’s film and TV unit with its own.

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