Unfortunately, even the biggest name in tabletop gaming is not immune to massive layoffs in the industry. A considerable number of Hasbro layoffs has been announced by the global toy company, resulting in nearly 20% of its workforce being cut.
Details on the Hasbro Layoffs
According to a report by CNN, the Hasbro layoffs were announced in a Monday memo by CEO Chris Cocks. According to the report Cocks' decision was made in light of market headwinds.
“We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs,” Cocks said. “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.”
Through this memo 1,100 jobs have been cut. This is on top of 900 additional positions being cut in January; making 2,000 lost jobs total. For greater context, Hasbro's own website states they had 6,300 employees prior to these layoffs.
As for which companies are being affected by the Hasbro layoffs, one of them may be Wizards of the Coast. According to report by Geekwire, several affected WOTC employees talked about their recent status on their LinkedIn pages, although Cocks' has declined to make a formal statement.
This is partially corroborated by an October earnings report posted by Hasbro. According to the report, despite Wizards of the Coast's continued growth, overall revenue has been on a decline.
While it does cite the massive critical and commercial success of Baldur's Gate III, it also cites soft toy sales, expired licenses, the recent WGA and SAG-AFTRA strikes, and the underwhelming box office returns of D&D: Honor Among Thieves contributing to losses.
In addition to the reported Hasbro layoffs, the global toy company announced in August it would be selling its film and TV business, eOne to Lionsgate.
