Hasbro, considered one of the biggest toy manufacturers in the world, has announced a massive round of layoffs only a couple of weeks away from Christmas. CEO Chris Cocks himself made the announcement via an internal company memo. <\/p>
In the memo, he spoke of laying off “approximately 1,100 colleagues globally in addition to the roughly 800 reductions already taken.” Hasbro already had a round of layoffs in January of this year. In a relatively short amount of time, the total will reach a staggering 1,900 eliminated positions within the company. <\/p>
Although Wizards of the Coast has been hugely profitable for Hasbro<\/a>, a downward spiral in overall revenue in the last five consecutive quarters has forced the company to downsize. Hasbro’s Chief Financial Officer Gina Goetter communicated in a statement in October 2023 that the company was “on track to meet our long-term gross cost savings goals earlier than expected.” Yet, in spite of its efforts, declines in profits persisted throughout 2023. <\/p>
Despite everything, CEO Chris Cocks continues to enjoy hefty bonuses, as shown by the company’s 8-K form<\/a> from the U.S. Securities and Exchange Commission revealed by Dicebreaker<\/a>. Disclosed in the document is Mr. Cocks’ $9.4 million compensation fee, which doesn’t include his $1.5 million salary. The article indicates that there have been no reductions in the levels of executive pay, bonuses, or other forms of additional remuneration.<\/p>
