Hasbro begins layoffs, set to slash 15% of global workforce

(WJAR) — Hasbro, Inc. confirmed the layoff of 1,000 employees began on Tuesday.

It comes after the Pawtucket-based toymaker announced last month that it would slash 15% of its global workforce.

Hasbro would not confirm how many employees are being let go from their Rhode Island offices.

In an announcement in January, the company said the elimination of 1,000 jobs across the globe will be done in an effort to cut costs.

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According to Hasbro, revenue dropped by $5.86 billion or 9% in the past year. The company hopes the move will cut up to $300 million in expenses by the end of 2025.

In a statement, Hasbro CEO Christ Cocks said the company does not take the layoffs lightly, but believes the changes are necessary to make Hasbro more competitive.

Among these layoffs is Hasbro President and Chief Operating Officer Eric Nyman, who has worked for the company for the past 18 years.

Hasbro will host a conference call on Feb. 17 to discuss its 2022 earnings report.

NBC 10 I-Team Consumer Advocate Emily Volz contributed to this report.