Hasbro to lay off workers as it contemplates move to Boston

Business

The move is part of the toy company’s efforts to streamline its operations.

Hasbro’s current headquarters in Pawtucket, R.I.

Hasbro, known for brands such as Monopoly, Dungeons & Dragons, Play-Doh, and Mr. Potato Head, is laying off close to 100 employees, according to the company.

The Pawtucket, Rhode Island-based toy company’s workforce is being tightened amid its ploy to uproot its headquarters to Boston. The international company has been a fixture in the Ocean State for over 100 years.

The Boston Globe reported that Hasbro has narrowed its search to roughly a half-dozen locations in Boston, including office buildings near South Station and the Southline complex on Morrisey Boulevard in Dorchester.

According to the Providence Business News Book of Lists, Hasbro’s workforce was reduced from 1,400 full-time employees in 2023 to 1,000 in 2024.

Hasbro told The Toy Book that the layoffs are part of “operational streamlining” across the company. The changes include trimming at least three months from getting things to market and empowering teams to make decisions quickly with a design price in mind.

The company said the latest round of reorganization reflects Hasbro’s bets on digital, direct, and technology-assisted innovation.

It remains unclear exactly how many employees will be laid off or when. The company has not notified the state’s Department of Labor and Training. By law, companies are required to notify the government of any mass layoffs at least 60 days in advance.

The most recent announcement comes after the company announced in a December corporate filing that it was cutting 1,100 jobs or 20% of its workforce. Those cuts were on top of 800 job cuts made last year as part of a move to save up to $200 million and reinvest in the business.

At its earnings call Thursday morning, Hasbro reported that its revenue of $1.3 billion was down 15% since last year. Hasbro points to its sale of the eOne Film & TV for the high revenue loss.

However, the company says its losses were offset by its gaming and licensing businesses, which include brands like Dungeons & Dragons, Magic: The Gathering, and Monoploy Go! In addition, Play-Doh had its best back-to-school sales ever, with its classic color four-pack sales up 20%.

Hasbro chief executive Chris P. Cocks during the earnings call remained optimistic about the company’s future, saying its margins are up and its inventories are down.

“Our toys are showing up on the shelf the best they have in years,” he said. “Our key initiatives around digital, licensing, and reinvigorating our product innovation are bearing fruit as we meet fans where they are.”