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Oct 19, 2018

Hasbro to cut jobs as it grapples with Toys 'R' Us fallout

Hasbro

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Hasbro Inc. (HAS.O), battling through competition and toy-industry disruption, announced on Friday that it’s reducing its workforce. The cuts will be in the “single digit percentage,” the toymaker said in a statement, without disclosing more details.

Key Insights

  • Hasbro reports earnings on Monday, so the announcement lets the Pawtucket, Rhode Island-based company clear the deck beforehand.
  • The company has been hit this year by the liquidation of Toys “R” Us Inc. -- one of its top customers. Sales declined for the past three quarters and are expected to fall again.
  • The toy industry has also been contending with the rise of e-commerce. That’s forced companies to re-think distribution models.
  • Hasbro had 5,400 employees at the end of 2017.

Market Reaction

  • Hasbro fell as much as 2.4 per cent to US$96.17 on the news, which was first reported by the Wall Street Journal. Mattel Inc. also slipped, reversing earlier gains.