By Deborah Mary Sophia
(Reuters) -Hasbro Inc said on Thursday it would cut about 15% of its global workforce this year, and projected holiday-quarter results to be well below Wall Street expectations amid weakening demand for its toys and games.
Shares of the maker of Transformers toys fell more than 7% to $59.25 in extended trading after the company said it would eliminate about 1,000 full-time positions globally. Rival Mattel Inc also slipped about 2%.
Hasbro said the job cuts would start to take effect within the next several weeks, adding that the reductions were “necessary to return our business to a competitive, industry-leading position.”
Hasbro joins a growing list of companies, ranging from tech majors to banks, to have reduced jobs amid threats of a recession, with the Monopoly maker warning in October that demand was starting to slip ahead of the holiday season.
“Despite strong growth in Wizards of the…
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