Hasbro to Eliminate Approximately 1,100 Jobs

Hasbro, the parent company of Wizards of the Coast, has announced plans to cut around 1,100 positions. This move comes in addition to the nearly 800 jobs that have already been eliminated across the company. In a message to employees, Hasbro stated that reducing the workforce was a necessary step to ensure the company's long-term health. The firm noted that despite achieving some significant successes, such as restructuring its supply chain and reducing costs, the anticipated market challenges have proven more severe and persistent than expected. While the company is confident about its future, it acknowledges that the current market conditions require difficult decisions. The impact of the layoffs on Hasbro's video games division is not yet clear, although some affected employees have shared their experiences on social media. This development follows a reported full-year revenue of $5.86 billion for Hasbro, representing a 9% decline from the previous year. The Wizards of the Coast and digital gaming segment, however, saw a 3% increase in earnings, reaching $1.32 billion. The current fiscal year has seen notable successes, including the critical acclaim of Baldur's Gate 3 and the popularity of Monopoly Go.