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Hasbro cuts 125 jobs, most in Rhode Island
PROVIDENCE, R.I. (AP) — Hasbro Inc. has laid off about 125 workers, mostly in Rhode Island, as the nation’s No. 2 toy maker concentrates on new toy technologies.
The cuts in the toys, games, international and corporate divisions will give the company more flexibility in developing new products, Hasbro spokesman Wayne Charness said on Wednesday.
About 90 people lost their jobs in Rhode Island, where the company is based.
Hasbro employed 6,900 people worldwide as of the end of 2003. The cuts come after years of restructuring at the company.
Both the toy industry and toy stores are struggling as children abandon traditional toys and games at an earlier age and video games bite into sales of dolls, trucks and other mainstays. Sales of traditional toys have fallen for three straight years.
Hasbro and industry leader Mattel Inc., of El Segundo, Calif., both posted lackluster third-quarter results this year, and executives at both companies warned investors that the crucial holiday shopping season could be weak — blaming higher fuel costs and shaky consumer confidence.
Charness declined Wednesday to discuss sales during the current quarter.
Hasbro shares slipped 6 cents, or 0.3 percent, to close at $18.25 on the New York Stock Exchange — near the low end of their 52-week trading range of $16.90 to $23.33.
Hasbro cuts 125 jobs, most in Rhode Island
PROVIDENCE, R.I. (AP) — Hasbro Inc. has laid off about 125 workers, mostly in Rhode Island, as the nation’s No. 2 toy maker concentrates on new toy technologies.
The cuts in the toys, games, international and corporate divisions will give the company more flexibility in developing new products, Hasbro spokesman Wayne Charness said on Wednesday.
About 90 people lost their jobs in Rhode Island, where the company is based.
Hasbro employed 6,900 people worldwide as of the end of 2003. The cuts come after years of restructuring at the company.
Both the toy industry and toy stores are struggling as children abandon traditional toys and games at an earlier age and video games bite into sales of dolls, trucks and other mainstays. Sales of traditional toys have fallen for three straight years.
Hasbro and industry leader Mattel Inc., of El Segundo, Calif., both posted lackluster third-quarter results this year, and executives at both companies warned investors that the crucial holiday shopping season could be weak — blaming higher fuel costs and shaky consumer confidence.
Charness declined Wednesday to discuss sales during the current quarter.
Hasbro shares slipped 6 cents, or 0.3 percent, to close at $18.25 on the New York Stock Exchange — near the low end of their 52-week trading range of $16.90 to $23.33.
