Hasbro announces the layoff of 1,100 additional workers

Citing ongoing malaise in the toy business, Wizards of the Coast parent company, Hasbro, announces plans to lay off 1,100 workers.  This is in addition to the jobs the company cut earlier in the year.

U.S. toy sales were down 8% from January 2023 through August, according to analytics company Circana.

“The market headwinds we anticipated have proven to be stronger and more persistent than planned,” Hasbro CEO Chris Cocks wrote in a memo. “While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into holiday and are likely to persist into 2024.”

Cocks had said the toymaker will “focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

It is unknown whether or not the layoffs will affect Wizards of the Coast.

The Associated Press contributed to this article.

Barry White

Barry White is a longtime Magic: The Gathering player, having started in 1994 shortly before the release of 'Fallen Empires.' After graduating from the University of Nevada, Reno, he went on to a 15-year journalism career as a writer, reporter, and videographer for three different ABC affiliate newsrooms.