Hasbro To Eliminate About 1,000 Jobs

(RTTNews) - Toymaker Hasbro Inc. (HAS) said it will eliminate about 1,000 jobs or 15% of its global workforce this year, as part of moves announced last year to save up to $300 million annually by 2025.

"We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability," said Chris Cocks, Hasbro chief executive officer.

As part of the organizational and commercial changes, Eric Nyman, president and chief operating officer, is departing the company. At this time, the Consumer Products business will report directly to the CEO, Hasbro said in statement.

Meanwhile, Hasbro reported preliminary fourth quarter 2022 revenue of about $1.68 billion, down 17% year-over-year. It expects quarterly adjusted earnings per share of $1.29 to $1.31, excluding the impact of the charges.