NEW: Hasbro will cut its workforce by 10 percent
Friday, January 25, 2013
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.
- Hasbro MD Carol Lewis Honored by Kids Count
- Hasbro Volunteers Get 35,000 Toys Ready for Needy RI Kids
- Alex and Ani Creates HERO Charm Bangle to Benefit Hasbro
- Hasbro’s Online “Monopoly” Contributes to Kids’ Causes Worldwide
- Dunkin’ Donuts Iced Coffee Day Raises $160K+ for Hasbro Children’s
- Hyundai “Hope on Wheels” Donates $50K to Hasbro
- Fortune Say Hasbro is Best Company to Work For
- Hasbro Donates 25,000 Toys To RI Families In Need
- Hasbro Employees Travel to MA for Tornado Aid
- Hasbro Hospital Helps Families Keep Space Heaters Safe