US EditionOrvis Announces More Job Cuts
UNITED STATES, JUN 17 – Hasbro's layoffs of about 150 employees are part of a $1 billion restructuring to offset higher U.S. tariffs on Chinese imports and diversify supply chains, the company said.
- Hasbro announced a reduction of 3% of its global workforce, about 150 employees, as part of a cost-cutting effort in 2024.
- The layoffs came as Hasbro faced increased U.S. import duties on toys manufactured in China, which accounts for about half of its product lineup, leading the company to implement a restructuring.
- Hasbro has been accelerating sourcing diversification, reassessing logistics and manufacturing, and pursuing a multi-year turnaround plan called Playing to Win.
- In April, CEO Chris Cocks explained that tariffs lead to increased costs for consumers, may result in workforce reductions as the company manages these expenses, and can negatively impact shareholder earnings.
- These job cuts are part of Hasbro’s ongoing restructuring efforts aimed at reducing expenses by approximately $1 billion, as the company navigates challenges such as tariffs and changing consumer demand.
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The toy company currently imports about 50% of its products from China
Coverage Details
Total News Sources31
Leaning Left3Leaning Right3Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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