Toy giant Hasbro is laying off more than a thousand workers and closing its office in Providence, Rhode Island.
Why would a toy company be laying off so many workers just before Christmas? Shouldn’t this be a boom time for them? Some people suspect it is directly due to their partnership with Disney, a brand which has become toxic for many Americans in recent years.
People aren’t exactly lining up to buy toys linked to the last Indiana Jones movie or the latest offering of the Marvels, both of which were total duds at the box office.
Axios reports:
Hasbro laying off 1,100 workers as weaker toy sales linger into holiday season
Hasbro is laying off some 1,1000 employees, the toymaker announced Monday in a memo to staff that was shared in an SEC filing.
The big picture: The maker of children’s favorites like Peppa Pig and Transformers action figures, along with Monopoly and the Dungeons & Dragons fantasy game has already laid off 800 workers, according to the memo.
Driving the news: “We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs,” Hasbro CEO Chris Cocks said in the memo.
Here’s a video report from a Providence, RI news station.
You’ll notice that neither of those reports mention Disney. People on Twitter are making the connection, though.
Disney’s bad decisions are killing off other companies as well.
Hasbro toys, who make Disney products like the Star Wars and Marvel brands – is now laying off 1,100 employees.
And reported consecutive year-on-year revenue declines of between 10 and 17 percent…
— Tim Young (@TimRunsHisMouth) December 12, 2023
Dead Brands #Disney #StarWars #Hasbro pic.twitter.com/yPsB5y2Bqv
— Billy ❌ (@BillymanPrime) December 12, 2023
We can all now watch @Hasbro crumble alongside @disney while eating popcorn. Reap the failure of DEI and its unrealistic, unethical, and borderline illegal policies. You get what you deserve. Went woke. Going broke.
— Sean McClure (@SeanMcC91092139) December 12, 2023
Hasbro and Disney now looks like a match made in hell. Why do the shareholders put up with this?