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Hasbro Cutting 1,100 Jobs As Toy Sales Continue To Decline

Santa's not bringing the toys like he used to, as everything else from Apps to Phones to Streaming TV are competing for entertainment dollars that used to be spent on games and toys. CNN is reporting that 1,100 Hasbro jobs will be cut in the next 6 months in response to a 20% drop in sales this year. Even with Hasbro focusing more on core brands, they are obviously struggling to see more than meets profits as Hasbro CEO, Chris Cocks, comments on the situation:

We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs. While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024.

The decline that is projected to continue into 2024, is a bit surprising in the year of the Hollywood released Transformers: Rise Of The Beasts, that ultimately was stomped by Barbie. Which means the game is still on for Pop Culture, just not alien robot movies. Sorry, Lorenzo! IMO, there is little to worry about as the company has been around 100 years and will be for many more. Hopefully, things will be lifted by the Transformers 40th Anniversary for one of Hasbro's most iconic brands.

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