Hasbro Announces It Will Cut 550 Jobs

Hasbro Announces It Will Cut 550 Jobs

dungeons and dragons logo2Hasbro, owner of Dungeons & Dragons and Magic the Gathering, announced plans today to cut about 10 percent of its workforce and consolidate facilities to reduce expenses.

Hasbro, known chiefly for its toy line, said fourth-quarter revenue failed to meet expectations due to weaker than expected holiday demand. Hasbro expects revenue for the quarter to decline nearly 4% to $1.28 billion, badly missing earlier expectation for a 6% jump.

Hasbro’s brands include Monopoly, NerfG.I. Joe, and Transformers. The company didn’t break down the earnings disappointment so it’s difficult to lay the blame on any particular division, but it probably didn’t help that last year’s Battleship film, co-produced by Hasbro, was a significant flop. The next Transformers film isn’t due until 2014.

Hasbro employs 5,500 worldwide; a 10 percent cut would affect about 550 people. Since Hasbro doesn’t break out earnings for its Wizards of the Coast division, fans are in the dark about just how successful the division is — and whether or not it’s likely to be affected by the coming cuts.

Stay tuned to Black Gate for news, gossip, and unwarranted speculation as it develops.

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