Hasbro Job Layoffs On The Horizon

by Jay Cochran
October 18, 2018
According to WJAR NBC 10, a local Providence news station, Hasbro is looking to layoff some of their employees in the near future. While the exact number of people Hasbro plans to layoff is unknown at this time, in a statement Hasbro said it would only result in "a single digit percentage" job loss of their global workforce.

The reason given for the pending layoffs is so they can continue to modernize their workforce for the future.

"As part of Hasbro’s ongoing transformation we continue to make meaningful organizational changes. While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future. We continue to add new capabilities based on our understanding of the consumer and how our retailers are going to market, while evolving the way we organize our business across our Brand Blueprint."

According to University of Rhode Island economics professor Leonard Lardaro, these will be permanent type job losses dealing with those who have job skills that are no longer in demand as Hasbro plans for the future of the business.

“Those are permanent job losses,” he said. “People who have skills are out in the labor market and although they’re skilled at what they were doing, they might not have the right skills for what’s currently in demand.”.

Hasbro's rival Mattel laid off 2,200 employees this past summer as the toy industry continues to deal with the loss of mega-toy retailer Toys R' Us.



Comments...

Last 10 comments - ( Read All Posts )
JangoFuentes - 2018-10-20 @ 1:04 am

I wonder what happened to that Hasbro/Mattel crossover it sounds revolutionary lol.

sXeblues - 2018-10-19 @ 5:57 am

The manufacture and distribution of toys and collectibles is a business, after all... The moving and shaking of the industry being what it is these days, I guess its no huge surprise to anyone that this is happening maybe just a bit more often. But still, its a shame that people have to lose their livelihoods.

FASVB - 2018-10-19 @ 4:25 am
9 hours ago, trans8010 said:

The incoming tariffs have also contributed to the acceleration. Modernization was going to happen, but as Rebecca Mond VP for Governmental Affairs in the Toy Industry said, toymaking cannot be automated as easily as others point out, and with the demise of TRU still sending ripples throughout the battered toy trade, Hasbro has been reported as keeping in contact with the administration in an effort to keep them from pushing through with the tariffs, because to go through with them, means the toy company would have to pay more to import the product that goes on store shelves. This will raise the costs of said product and the retailers will be ordering less as a result, this means more layoffs.  Even though Hasbro has said to be moving their manufacturing out of China, its not happening overnight and these tariffs are going to hit Hasbro hard until they do. This also should be understood. 

Yes and I agree. I live in a country with one of the highest import taxes and fees of the whole world. Our market is extremely closed and our economy and excessive taxes even are pushing the few toy companies we have to other countries. 

Protectionism has never worked anywhere.  I am a free market advocate and believe that import taxes should be abolished altogether and the trade should be completely free.  Countries don't trade and there is no such thing as trade war. People trade and they should allowed to do so as they please free of regulation.  This would alow everyone to have access to goods at much lower costs. 

trans8010 - 2018-10-18 @ 7:00 pm
6 hours ago, FASVB said:

This is a fact and people have to understand it.  The less qualified jobs or those that can be replaced by automated systems that deliver more with lower cost is the way to go for the industry. That is the only way to keep productive and competitive. Another fact that has high influence in these is the artificial increase of wages. They contribute greatly in the acceleration of this process. 

The incoming tariffs have also contributed to the acceleration. Modernization was going to happen, but as Rebecca Mond VP for Governmental Affairs in the Toy Industry said, toymaking cannot be automated as easily as others point out, and with the demise of TRU still sending ripples throughout the battered toy trade, Hasbro has been reported as keeping in contact with the administration in an effort to keep them from pushing through with the tariffs, because to go through with them, means the toy company would have to pay more to import the product that goes on store shelves. This will raise the costs of said product and the retailers will be ordering less as a result, this means more layoffs.  Even though Hasbro has said to be moving their manufacturing out of China, its not happening overnight and these tariffs are going to hit Hasbro hard until they do. This also should be understood. 

EvilHayato - 2018-10-18 @ 4:10 pm

This is worrisome for the future of toy distribution. With everything going online anymore and toy stores going out of business, this is like the polar ice caps melting. Just seems like another inevitable end of an era. 

mako - 2018-10-18 @ 2:50 pm

Lay-offs suck, but they ARE a part of business and life. What really bothers me is when they refer to the lay-offs in "percentages."

"Single digit percentages" don't have to buy groceries or pay bills. The PEOPLE who make up those percentages do.

FASVB - 2018-10-18 @ 12:25 pm

This is a fact and people have to understand it.  The less qualified jobs or those that can be replaced by automated systems that deliver more with lower cost is the way to go for the industry. That is the only way to keep productive and competitive. Another fact that has high influence in these is the artificial increase of wages. They contribute greatly in the acceleration of this process. 

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