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Hasbro Cuts 170 Jobs (HAS)

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HasbroWeak consumer spending has also affected the U.S. toy market. Hasbro Inc. (NASDAQ: HAS), a provider of children’s and family leisure time products, will cut about 170 jobs. Hasbro, which is the U.S. second largest toy manufacturer, is slashing jobs as it saw poor sales during the holiday season.

According to the Company’s spokesman, Wayne Charness, eighty two percent or 140 jobs will be cut in the U.S., including about 55 at Rhode Island where the company is based.


Commenting over the job cuts, Charness said, “These moves were made to address both the under-performance in the U.S. and Canada segment, and the need for different skill sets in the company’s workforce to be better aligned with a quickly evolving business”.  “All employees affected will get “competitive” severance packages, including outplacement services”, added Charness.

While the maker of Nerf foam toys and Monopoly board games suffered from weak post-Thanksgiving demand, especially for its games and puzzles, in the United States and Canada, its bigger rival Mattel also missed its sales expectations in the holiday quarter.

However, according to NPD, a market research firm, Mettle, in spite of lackluster demand, did manage to outperform Hasbro.

HAS, headquartered in Pawtucket, Rhode Island, has 5,900 employees globally, including about 1,400 in that state.

Hasbro shares plunged 2.8 percent to close at $34.65 on Nasdaq.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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