Hasbro says it will cut nearly 1,100 positions
"Market headwinds we anticipated have proven to be stronger and more persistent than planned," says firm
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Wizards of the Coast parent company, Hasbro, is on pace to reduce approximately 1,100 job positions.
The latest round of layoffs is in addition to the nearly 800 that have already taken place across the firm.
In an email to staffers, Hasbro said that the workforce reductions were a last resort to keep the company healthy.
The statement said, "A year ago, we laid out our strategy to focus on building fewer, bigger, better brands and began the process of transforming Hasbro. Since then, we've had some important wins, like retooling our supply chain, improving our inventory position, lowering costs, and reinvesting over $200M back into the business while growing share across many of our categories,"
"But the market headwinds we anticipated have proven to be stronger and more persistent than planned. While we're confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make."
It's unknown how many staffers from Hasbro's video games division were affected. However, people have shared via social media they were a part of the new round of layoffs.
Back in February, Hasbro reported a full-year revenue of $5.86 billion, down 9% year-on-year. Its Wizards of the Coast and digital gaming segment amassed $1.32 billion in earnings, up 3% year-on-year.
The current fiscal year saw the critical reception of Baldur's Gate 3 and the success of Monopoly Go.
In September, GamesIndustry.biz spoke to Wizards of the Coast and Hasbro Gaming president Cynthia Williams and Hasbro digital games group's head of digital games, Tim Fields, about the titles' reception and performances.