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Hasbro had expected declines in the first nine months of this year following a job surge in the coronavirus pandemic – but it is now clear that the “headwinds” will continue into 2024, company boss Chris Cocks told employees in an email on Monday.
1,100 people will be laid off. 200 of these stem from the 1,000 layoffs announced at the beginning of the year but not fully implemented.
Among other things, Hasbro produces Play-Doh plasticine, board games like Monopoly, and characters like My Little Pony and Transformers. As for its big rival, Mattel, Hasbro is facing not only falling spending on toys after the pandemic hit, but also kids’ changing interests in general with the rise of video games and smartphones. This year, Mattel benefited from the great success of the ‘Barbie’ movie, which has also increased doll sales since the summer. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
