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The move is part of the toy company’s efforts to streamline its operations.
Hasbro’s current headquarters are in Pawtucket, Rhode Island.
Hasbro, known for brands such as Monopoly, Dungeons & Dragons, Play-Doh and Mr. Potato Head, will lay off nearly 100 employees, the company said.
The Pawtucket, Rhode Island-based toy company is adding to its workforce as it plans to move its headquarters to Boston. This international company has been a fixture in the Ocean State for over 100 years.
Hasbro has narrowed its search to about six locations in Boston, including an office building near South Station and the South Line complex on Morrissey Boulevard in Dorchester, The Boston Globe reported.
Hasbro’s workforce has been cut from 1,400 full-time employees in 2023 to 1,000 in 2024, according to the Providence Business News Book of Lists.
Hasbro told Toy Book that the job cuts are part of a company-wide “streamlining of operations.” These changes include reducing time to market by as little as three months and empowering teams to make faster decisions with design pricing in mind.
The company said the reorganization reflects Hasbro’s bet on digital, direct and technology-assisted innovation.
It remains unclear exactly how many employees will be laid off and when. The company has not notified the state Department of Labor and Training. By law, companies are required to give the government at least 60 days’ notice if they plan to make mass layoffs.
The latest announcement comes after the company announced in its December corporate report that it would cut 1,100 jobs, or 20% of its workforce. These job cuts come on top of 800 job cuts made last year as part of the company’s efforts to save up to $200 million and reinvest in the business.
Hasbro reported on its earnings call Thursday morning that sales of $1.3 billion were down 15% from last year. Hasbro notes that the sale of eOne Film & TV resulted in significant revenue losses.
However, the company said the losses were offset by its gaming and licensing businesses, which include brands such as Dungeons & Dragons, Magic: The Gathering and Monoploy Go. Additionally, Play-Doh achieved record back-to-school sales with a 20% increase in sales of four-packs in classic colors.
Hasbro CEO Chris P. Cox said on an earnings call that margins are up and inventories are down, and he remained optimistic about the company’s future.
“Our toys are on the shelves in the best condition they’ve been in years,” he said. “Our major efforts to reinvigorate digital, licensing and product innovation are paying off by meeting our fans where they are.”
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