Welcome! Login | Register
 

“The Sunday Political Brunch”—June 26, 2016—“The Sunday Political Brunch” -- June 26, 2016

10 July 4 Parades & Firework Displays You Must See in RI—10 July 4 Parades & Firework Displays You…

Cicilline Helped Lead House Sit-In; Family Owns Building Tied to Repeated Violence—Congressman Helped Lead House Sit-In; Family Owns Building…

Leonard Moorehead, the Urban Gardener: Midsummer’s Eve, Festivus—Leonard Moorehead, the Urban Gardener: Midsummer’s Eve, Festivus

America’s Most Followed Members of Congress—America’s Most Followed Members of Congress

Pepperdine’s Fred Wedel Wins Northeast Amateur—Pepperdine's Fred Wedel Wins Northeast Amateur

Fit for Life: Habits - Out With the Old, in With the New—Fit for Life: Habits - Out With the…

Reduced State Beach Pass Rates Take Effect July 1—Reduced State Beach Pass Rates Take Effect July…

Watch Hill, RI Gets Named Best Weekend Trip in Northeast by Business Insider—Watch Hill, RI Gets Named Best Weekend Trip…

Top-Ranked Colleges That Pay Off the Least—Top-Ranked Colleges That Pay Off the Least

 
 

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.

 
 
:!