Hasbro is undergoing significant organizational changes, reducing its workforce from 1,400 in 2023 to 1,000 in 2024, as part of an operational streamlining effort. These layoffs, affecting close to 100 employees, aim at enhancing the company's agility and improving the time-to-market for product development by at least three months, amid a broader strategy to pivot towards digital and technology-assisted innovations. This restructuring coincides with Hasbro's planned relocation of its headquarters to Boston.
In its latest announcement regarding personnel changes, Hasbro stated that it is focusing on operational streamlining across the company. This includes specific aims to empower teams to make swift decisions while maintaining a focus on design costs. The move aligns with Hasbro’s strategy to simplify operations and foster a growth mindset, especially in a challenging economic climate characterized by a 15% revenue decline reported in its recent earnings call.
The news of the employee reductions and relocation plans comes on the heels of substantial layoffs announced last year, totaling around 1,900 jobs since 2022 as Hasbro seeks to quell financial losses. The company's strategic choices, including the divestiture of its eOne Film & TV division, have contributed to a marked revenue drop, underscoring the urgent need for operational efficiencies as they adapt to new market realities.
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