Hasbro is eliminating nearly 1,100 positions over the next six months in another round of belt-tightening that comes on the heels of nearly 800 layoffs in the fall. 

CEO Chris Cocks announced the plan yesterday in a letter to Hasbro’s employees. Many of the affected staffers will be notified of their status within the first 24 hours, although the cuts are staged in phases. US-based employees who have volunteered to step down from the toyco at the end of the year through its Voluntary Early Retirement Program are included in this latest batch of position eliminations.

“To position Hasbro for growth, we must first make sure our foundation is solid and profitable,” said Cocks. “To do that, we need to modernize our organization and get even leaner. While we see workforce reductions as a last resort, given the state of our business, it’s a lever we must pull to keep Hasbro healthy.” 

According to the company’s Q3 financial report, Hasbro’s consumer products segment generated US$2.1 billion in revenue for the first nine months of the year, down 17% from US$2.56 billion for the same period in 2022. Cocks sees this negative trend continuing through the holiday buying season and forecasts that it will persist into the new year as well. 

To soften the impact of the layoffs, Hasbro is also scaling back its real-estate footprint by closing its office in Providence, Rhode Island. When the lease expires in January, the toyco will move all Providence team members to its headquarters in Pawtucket.