Welcome! Login | Register
 

Fit For Life: Bring Your “A” Game…—Why reward for doing something wrong?

NEW: Tom Brady’s Appeal Hearing Will be Held June 23—Tom Brady's Appeal Hearing Will be Held June…

Leonard Moorehead, The Urban Gardener: Celebrate Roses—My love is like a red, red, rose.…

Huestis: New Horizons Spacecraft to Encounter Pluto—Basic astronomical knowledge seems to be lacking among…

Side of the Rhode: Who’s Hot and Who’s Not - May 29, 2015—Every Friday, GoLocalProv's Russ Moore breaks down who…

Saul Kaplan: Stop Treating Business Model Innovation As Change Management—There’s plenty of time for change management once…

Gencarella: Let’s Leave It A Local Issue—The question “How did it get this way?”…

Finneran: Give Us This Day Our Daily Bread—In the pews are the people, and in…

Matt Light Announces Charity Event Related to Deflategate—Matt Light recently announced a fundraising campaign

ACLU of RI Files Lawsuit That Challenges 106-Year-Old Statute—The ACLU of Rhode Island filed a federal…

 
 

NEW: Hasbro will cut its workforce by 10 percent

Friday, January 25, 2013

 

Just as it seemed that things were looking up for businesses in Rhode Island, one of the state’s marquee companies has just announced a big bit of bad news.

Hasbro Inc., the Pawtucket-based toy company and maker of products like Transformers action figures and Nerf toys, will reduce its workforce by approximately 10 percent worldwide in response to disappointing preliminary fourth-quarter sales data.

“Consumer demand through much of the holiday season was less than anticipated in both the U.S. and certain international markets,” CEO Brian Goldner said today in a statement. “As a result, fourth quarter revenues did not meet our expectations.”

Hasbro said its revenue for 2012 was a little roughly $4.09 billion dollars but declined 4.7 percent from the year before and fell far short of the expected $4.21 billion estimate many analysts had for the company.

All told, Hasbro’s fourth-quarter sales underperformed by roughly $130 million according to preliminary numbers. The final figures will come out on February 7.

There is no word yet about how the cuts will affect Rhode Island as, according to reporters, the projected cuts are expected to be felt throughout the company’s worldwide offices.

 

Related Articles

 

Enjoy this post? Share it with others.

 
 
:)