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Hasbro lays off 15% of staff to cut costs

Despite growth in gaming.

Hasbro is set to lay off approximately 1,000 people from its global workforce this year in an effort to cut costs, around 15 percent of global full-time employees.

This is to achieve its goal of delivering $250-300m in annualised run-rate cost savings by the end of 2025.

"The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly. However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success," said CEO Chris Cocks.

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"Despite strong growth in Wizards of the Coast and Digital Gaming, Hasbro Pulse, and our licensing business, our Consumer Products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment.

"We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability. While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses."

Among other organisational changes, president and chief operating officer Eric Nyman is leaving Hasbro.

It's unclear how these layoffs will affect Hasbro's gaming division, or Wizards of the Coast.

As the owner of Dungeons & Dragons, Wizards of the Coast (and by extension Hasbro) has been in the news recently for reportedly cancelling at least five unannounced video games.

It's also facing a backlash from fans following planned changes to how it monetises third-party content through its Open Gaming License. It has since apologised for the fiasco.

Hasbro is not alone in laying off staff. Microsoft, Unity, Google, and Riot Games have all culled a number of jobs recently.

Xbox boss Phil Spencer admitted Xbox layoffs were "painful choices".

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