US EditionHasbro Cuts 3% Of Global Workforce: Report - Hasbro (NASDAQ:HAS)
- In December 2023, Hasbro reduced its staff by about 150 individuals worldwide, representing roughly 3% of its total employees, as part of measures to manage expenses in response to increased tariffs on toys imported from China.
- These job cuts resulted from a multi-year restructuring driven by weaker sales and pressures from U.S. tariffs, with the company accelerating efforts to diversify sourcing outside China.
- Approximately 50% of the toys and games that Hasbro sells in the United States are manufactured in China, prompting the company to evaluate its supply chain and production strategies to mitigate trade-related risks.
- In April, CEO Chris Cocks explained that tariffs lead to increased costs passed on to consumers, the risk of workforce reductions as the company manages these expenses, and lower returns for shareholders.
- The workforce reduction aligns with Hasbro's longer-term goals and its $1 billion cost-reduction target under its 'Playing to Win' turnaround plan aiming for sustainable growth.
Insights by Ground AI
Does this summary seem wrong?
21 Articles
21 Articles
All
Left
1
Center
6
Right
3
Coverage Details
Total News Sources21
Leaning Left1Leaning Right3Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 30%
Factuality
To view factuality data please Upgrade to Premium
