Frank Durrell’s Post

Here we have yet another case of Hasbro not really understanding their market. Hasbro in their attempt to try and cash in on pandemic highs upped their production way higher than it had been before without taking into account that pandemic highs were in fact highs, which means inevitably it would have to come down at some point. If Hasbro had at the very least limited the amount of their expansion they would have suffered in having less in gross income but the minimization in losses would have balanced the entire project out so their profits margins overall would be larger. Not only that but corporate layoffs just look bad for a company so by minimizing the amount of layoffs you at least give off the perception that you're not hemorrhaging by cutting off 20% of your work force.

Save: bit.ly/NeoEpicLoot Dear network, Toy and entertainment giant Hasbro has announced a significant reduction in its workforce, with a total of 900 jobs being cut. This move is part of a Company's cost-savings effort, which aims to restructure and optimize its organization. The layoffs, expected to be completed over the next 18-24 months, are a response to what Hasbro has described as a softer market for toys. CEO Chris Cocks emphasized that the decision has not been taken lightly, stating, "While we're confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make." Despite robust performance during the pandemic, the company anticipates challenges ahead and is taking steps to ensure a profitable future. For more insights into this development and its implications, read the full article here: https://ift.tt/qEQNzcn #Hasbro #BusinessNews #Layoffs #CompanyRestructuring

Hasbro Cuts Workforce by 20% as Holiday Sales Fail to Impress Image of Hasbro headquarters#JobLosses #CareerTransition #SupportSmallBusiness #ShopLocal #BuyAmerican #EconomyWatch Toymaker Hasbro, known for iconic brands like Monopoly, Play-Doh, and Transformers, has announced a significant workforce reduction of 1,100 employees, representing nearly a fifth of its staff. This move comes amidst a challenging period for the company, with lackluster sales dragging into the crucial holiday season.#HasbroLayoffs #ToyIndustryLayoffs #HolidayRetailStruggles #EconomicUncertainty #FutureOfRetail #JobsLost The decision, described as a "last resort" by CEO Chris Cocks, follows earlier job cuts of 800 employees earlier in 2023. The company faces "headwinds" that are expected to persist into 2024, forcing it to take drastic measures to ensure its long-term health. Reasons for the layoffs: Slowdown in toy sales: After an initial surge during the pandemic, the toy market has experienced a significant downturn. Weak holiday season: Despite hopes for a strong holiday boost, consumers remained cautious, leading to disappointing sales for Hasbro. Economic uncertainty: Inflation and rising costs are impacting consumer spending habits, further affecting the toy industry. Hasbro's response: #Monopoly #PlayDoh #Transformers #ChrisCocks #WallStreetJournal #GuardianNews Workforce reduction: The company sees this as a necessary step to streamline operations and reduce costs. Focus on core brands: Hasbro plans to prioritize its most successful brands and invest in their growth. #RetailLayoffs #ConsumerSpending #InflationImpact #DigitalRetail #EcommerceTrends #BrickAndMortarStruggles Digital transformation: The company aims to accelerate its digital initiatives to better reach consumers in the online marketplace. Impact of the layoffs: Job losses: 1,100 employees will unfortunately lose their jobs, adding to the growing number of layoffs in the retail sector. Uncertainty for the toy industry: This news raises concerns about the overall health of the toy industry and its future prospects. Looking forward:#Hasbro #Layoffs #ToyIndustry #HolidaySales #EconomicUncertainty #DigitalTransformation #FutureOfRetail Despite these challenges, Hasbro remains confident in its long-term future. The company is focused on adapting to changing market conditions and implementing strategies to drive future growth. #Hasbro #Layoffs #ToyIndustry #HolidaySales #EconomicUncertainty #DigitalTransformation #FutureOfRetail

I cannot imagine doing this two weeks before Christmas. Here's an idea - you as a company are allowed to fire anyone you want, but to do so, you have to pay a $10K penalty for each person you fire to the IRS (or a severance package equal to at least one month's income to the worker). Would companies be quite so willing to fire people if it cost them $11 million to fire them in job lots? I suspect not. What makes this worse is that this is not a worker problem. It's a management problem. It means that your management was not doing due diligence, reducing inventory or marking it down, but instead was keeping prices too high to keep it aligned with demand. Surely with the billions of dollars invested in SAAS based systems, someone must have seen that demand was not keeping up with supply early on, likely because inflation has sapped consumer spending power. Better to sell out of what you have at a reduced price than carry over inventory that will weigh on shelves well into the next year. A suggestion: when you find yourself as the CEO in this position, offer your workforce a reduction in hours, or give them a vacation at half pay. Your workers will appreciate not being thrown out into a rough labor markets and may very well be better inclined to actually follow your RTO demands if there was some reciprocity there. Loyalty has to be earned - it goes both ways.

Hasbro, the massive toy maker that's been around for 100+ years, has announced a layoff of 20% of its workforce. This is in addition to a recent layoff, both citing weak sales. This doesn't surprise me; one major company, after the next continues to cite decreased sales, thereby recording layoffs; it's just one after another. What does surprise me is despite Americans having record-low savings, record-high credit card debt, and massive layoffs looming, government reports continue to paint the picture of a robust economy. Report after report from government sources continues to tell us that the economy is strong, revenues are up, jobs are at record levels, and everyone is booming. How braindead do these people think society is? During 2007, many organizations tried to gaslight people into believing things were just fine; how'd that work out? Fast forward to 2023, and we've reached a new level of gaslighting. What is truly sad is when the truth about the actual state of the economy finally comes out after next year's election, most people will say it was apparent. Yet, these are the same people proclaiming prosperity today. This isn't going to be a soft landing; it's going to be a massive crash. Be prepared.

Sad news today 😔. Hasbro lays off 1,100 people, or 20% of its workforce, just before Christmas. This week's layoffs are in addition to the 800 announced in January, bringing the total job losses to over 1,900. This occurs despite the amazing performance of their "Dungeons and Dragons" movie and the top-grossing game "MonopolyGO," which recently reported $1 billion in revenue. My heart goes out to the affected people who received this bad news ahead of the holiday season. 💔 Layoffs aren’t the only cost-saving measure Hasbro is taking. They're in the process of selling their stake in eOne, which produced tie-in media like this year's "Dungeons & Dragons: Honor Among Thieves." 1. CEO Chris Cocks describes the layoffs as necessary to keep Hasbro healthy amid continued market challenges. 2. The company's sales downturn follows a surge during the pandemic and ongoing struggles throughout 2023. 3. Hasbro is also considering reducing its global real estate footprint and closing its underutilized Providence, Rhode Island office. 4. The company aims to streamline and modernize its operations, offering support packages to affected employees. Please reach out if there's something I can do to support - whether it's writing a recommendation or making an introduction. All my best wishes to the affected people and the teams left at Hasbro, taking on the challenge to grow the business. 🌟

Dear colleagues, The headline “toymaker announces layoffs right before the holidays” is not something you really like to see. I feel so much for the affected employees at Hasbro and especially their divison Wizards of the Coast (a local Renton company). And as per usual when I read these headlines, I muter to myself “goddamn late stage capitalism and short sighted profit goals”. But digging a little deeper, one finds that Wizards of the Coast (maker of D&D and Magic: The Gathering) is the profit leader at Hasbro. Its the plush dolls and licensing that are the real drag on Hasbro. Maybe Gen Alpha (those born in 2012 or later) are more focused on play and less focused on branding and plush toys. I can tell you that Aspiring Youth Dungeons and Dragons is still in huge demand, so that is a good sign. I hope this is just the youth market telling Hasbro to focus on their traditional mission: PLAY. #autismacceptance #neurodiversityatwork https://lnkd.in/eiAZw9G2.

US toy giant Hasbro announces further job cuts as it grapples with weaker sales in the lead-up to Christmas. The maker of Transformers action figures and Monopoly will lay off approximately 1,100 workers globally, representing close to 20% of its staff. These job cuts come at a time when the toy industry is experiencing a general slowdown in demand for its products. "Market headwinds... have proven to be stronger and more persistent than planned," says Hasbro CEO Chris Cocks. In an email sent to employees on Monday, Cocks stated, "I know this news is especially difficult during the holiday season." He added, "There is no sugar-coating how hard this is, particularly for the employees directly affected." The company, also known for producing the Dungeons & Dragons fantasy game, expects layoffs to be largely completed in the next 18 to 24 months, as reported by the Reuters news agency. These latest reductions come in addition to the 800 cuts made so far this year, as the firm aims to save up to $300 million (£238 million). The Associated Press news agency reports that, like many other toy makers, Hasbro is struggling with a slowdown in sales after a surge during the pandemic when some parents bought toys to keep their children busy. #Employment #thesocialtalks #hasbro