Hasbro, Mattel stocks fall after report of Hasbro layoffs amid toy sales slump
Hasbro Inc. (HAS) is cutting nearly 20% of its workforce, or about 1,100 employees, as a slump for toy and game sales continues into the holiday shopping period, the Wall Street Journal reported, citing a memo it viewed. The My Little Pony and Monopoly maker in October missed third-quarter earnings expectations and slashed its full-year outlook, citing a "softer toy outlook." The company in January laid off about 15% of its workforce, citing weak holiday sales in 2022. Shares of Hasbro and rival Mattel Inc. (MAT) fell about 4% and 3% in the extended session Monday, as the Wall Street Journal also cited "early data points to another weak year" for the toy industry following a boom during the pandemic.
-Claudia Assis
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12-11-23 1716ET
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