Hasbro, the American toy company, embarking on additional job reductions

US toy company Hasbro is planning to cut around 1,100 jobs globally, which amounts to about 20% of its workforce, as it grapples with declining sales in the run-up to the holiday season. The company, known for producing toys such as Transformers and Monopoly, is facing a broader industry slowdown in demand for its products. Hasbro CEO Chris Cocks acknowledged the challenging market conditions, stating that they have been more severe and persistent than anticipated. In an email to employees, Cocks expressed empathy, particularly during the holiday season, and acknowledged the difficulty of the situation for those directly affected. The layoffs are expected to be finalized within the next 18 to 24 months. This round of job cuts follows the 800 positions that have already been eliminated as part of the company's efforts to save up to $300 million. Hasbro, like other toy manufacturers, is experiencing a decline in sales after a surge during the pandemic when parents purchased toys to occupy their children.