Hasbro is in the toy business. For the most part, by the beginning of December, their manufacturing business cycle is over for the year.
There is a nasty bit of business left with selling the toys to the consumer at a retail level, yes, but that's mostly a Wal-Mart, Target and Toys 'R Us' gig. From a manufacturer's perspective, the decisions have been made, the marketing plan in place and bought and paid for, the product manufactured and shipped (maybe with some residual product en route) and it's all over but the cryin'. Their "work" is done.
From that perspective, it's a perfectly reasonable time for lay-offs.
From the perspective of a human being in North America/Europe expecting the Christmas season - more or less that focal event in which we tick off the years of our lives - it must truly hurt.