Hasbro Hits a Nosedive: 1,100 Workers Axed as Toy Sales Tank

What a gosh darn shame! Hasbro, the fantastic toy company, is facing some tough times and is having to lay off 1,100 employees. Yep, you heard that right, a whopping 20% of their workforce is getting the boot. And why, you ask? Well, it’s all because their toy sales have been as low as a snake’s belly in a wagon rut. Chris Cocks, the big cheese over at Hasbro, reckons the sad state of affairs will keep on going until 2024. Crikey!

Hasbro is known for all their classic toys like Mr. Potato Head, Transformers, and Play-Doh, not to mention their board games like Monopoly, Dungeons & Dragons, and Magic: The Gathering. But even with all those goodies, it seems like folks just ain’t buying ’em like they used to. It’s a real bummer.

They’re not messin’ around with these layoffs either. Most of them will happen over the next six months, and a whole bunch of employees will find out real quick about their pink slip. To make matters worse, Hasbro’s not even renewing its lease for its office in Providence, Rhode Island. Talk about kicking folks while they’re down.

The CEO, Chris Cocks, and the rest of the bigwigs say they feel lousy about all this bad news, especially with the holidays coming up. They’re offering the axed employees some fancy packages and job placement support, but let’s face it, that’s small comfort when you’re out of a job.

And get this, Hasbro ain’t the only one feeling the pinch. Disney, Amazon, Meta, and even Microsoft have been giving folks the old heave-ho this year. It’s like the Grinch is out there stealing jobs instead of Christmas presents! What’s next, Santa getting laid off too?

In October, Hasbro reported a whopping 10% drop in revenue and an 18% plummet in their consumer products for the third quarter of 2023. Four quarters in a row, they’ve been singing the blues about losing money. It’s enough to make a grown man cry.

So, there you have it, folks. It’s a sad day in Toyland, and even the bigwigs at Hasbro are feeling the pain. Here’s hopin’ they can turn things around and get back to making kids happy with their fabulous toys.

Written by Staff Reports

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