According to multiple US media reports, American toy manufacturer Hasbro announced on the 11th local time that due to the continued downturn in the toy industry, the company will lay off approximately 1100 employees, accounting for about 20% of its total workforce. It is reported that this layoff is part of the company's announcement last year to save $300 million annually by 2025. At the beginning of this year, Hasbro also announced that it would lay off 15% of its workforce globally, approximately 1000 people. The report stated that Hasbro has significantly lowered its already weak annual performance expectations, and it is expected that revenue in 2023 will decrease by 13% to 15% year-on-year.
Like many toy companies, Hasbro is working hard to address the issue of slowing sales. At the end of last year, due to high inflation leading to weak sales, many toy companies, including Hasbro, had to significantly lower prices to sell their products, and this decline is still ongoing. Data shows that from January to August this year, toy sales in the United States decreased by 8%.