Hasbro is eliminating close to 1,000 full-time positions (representing about 15% of its global workforce) as it continues to work towards achieving US$250 million to US$300 million in annual cost savings by 2025. 

The layoffs will begin within the next few weeks, and the company is also restructuring its leadership and organizational framework. 

“The elimination of these positions will impact many loyal Hasbro employees, and we do not undertake this process lightly,” said Hasbro CEO Chris Cocks in a release. “However, the changes are necessary to return our business to a competitive, industry-leading position and to provide the foundation for future success.” 

As part of the leadership redesign, president and COO Eric Nyman (pictured) is leaving after 18 years with the company working in various executive roles. Hasbro promoted Nyman to president and COO in January 2022, and he has been overseeing the toyco’s consumer products business, licensing strategy and operational investments. For the time being, the consumer products team will report directly to Cocks. 

Hasbro plans to announce more changes in its upcoming Q4 financial results call on February 16. The company is also in the process of selling off eOne’s library of adult-skewing content and its unscripted business. 

Ahead of the Q4 call, Cocks disclosed that Hasbro’s products business underperformed in the quarter due to what he called a “challenging” consumer environment this holiday season. In its preliminary results, Hasbro’s Q4 revenue was down by 17% to US$1.68 billion, compared to the same period last year. And the company’s full-year results are down 9% to US$5.86 billion. 

The only Hasbro division that performed better year over year is the Wizards of the Coast and digital gaming segment, which brought in an estimated US$339 million in Q4 revenue, up 22% from the same period in 2021. The division’s iconic brands include trading card game Magic: The Gathering, which made over US$1 billion in revenue in 2022, and tabletop role-playing game Dungeons & Dragons.