Hasbro laid off 3% of its global workforce on Tuesday, after warning of the impact of tariffs on profitability, according to the Wall Street Journal. Hasbro had about 5000 employees at the end of last year, which means the layoffs likely impacted around 150 people. Hasbro CEO had warned in April that tariff pressures were likely to lead to job cuts (see “Faced with Tariffs”).
Hasbro last did a major layoff in 2023, when it cut 1900 employees in two batches (see “Hasbro to Lay Off”).
Sales in Hasbro’s Consumer Products segment, which includes toys and mass market games, were down 4% in Q1, contrasting with the Wizards of the Coast and Digital Gaming segment, where sales were up 46% in the same period. Tariff exposure is highest in the Consumer Products segment; only a few D&D products and no Magic: The Gathering products are produced out of the country for the Wizards of the Coast segment.
Source: ICV2
