Toy company Hasbro Inc (NASDAQ:HAS) announced a workforce reduction on Tuesday as the company grapples with tariff impacts.
What To Know: Hasbro cut 3% of its global workforce, or approximately 150 employees, across multiple divisions and regions around the globe, The Wall Street Journal reported Tuesday.
The job cuts come as the company aims to align its structure with its longer-term goals, according to a Hasbro spokesperson.
Hasbro laid off around 1,900 employees in 2023. The continued cuts are part of a longer-term restructuring in which the company is targeting around $1 billion in total cost reductions.
The company reported no material impact from tariffs in the first quarter, but Hasbro CEO Chris Cocks said in April that tariffs ultimately translate to higher prices for consumers and potential job losses.
“As we progress toward our $1 billion cost savings goal, the strength of Wizards, licensing, and our asset-light model continues to offset tariff pressures and support margins,” the company said when it reported first-quarter results.
Hasbro sources about half of its toy and game products from China. Total sales were up 17% year-over-year in the first quarter.
HAS Price Action: Hasbro shares closed Tuesday down 3.25% at $67.50, according to Benzinga Pro.
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