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yesterday

Hasbro Cuts 3% of Workforce to Offset Tariff Costs

Offsetting rising import costs through accelerated cost savings, the company has expanded manufacturing beyond China on the back of outsized gains in its Wizards segment.

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Hasbro is laying off workers as part of a restructuring to offset cost increases due to tariffs.
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Overview

  • Hasbro laid off roughly 150 employees, representing 3% of its global staff, as part of restructuring to counter US tariffs on Chinese imports.
  • The job cuts feed into a broader plan to achieve $1 billion in total cost reductions over the coming years.
  • The company sources about half of its toys from China and is diversifying its production footprint to reduce exposure to further tariff hikes.
  • First-quarter net revenue rose 17% year-over-year to $887 million, fueled by a 45% sales surge in Magic: The Gathering within its Wizards of the Coast unit.
  • Its digital gaming business delivered a 56% revenue increase in Q1, helping sustain margins amid higher import expenses.