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.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTHasbro 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.
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