Toy maker Hasbro said Monday it is cutting about 1,100 jobs, or 20 per cent of its workforce, as the malaise in the toy business extends through another holiday shopping season.
The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys disclosed the layoffs in a memo to employees published in a regulatory filing. The Wall Street Journal first reported the news.
The company said that the reductions are on top of 800 job cuts that have been taken so far in 2023 as part of moves announced last year to save up to US$300 million annually by 2025. As of year-end 2022, the company said it had 6,490 employees.
Like many toy companies, Hasbro is struggling with a slowdown in sales after a surge during pandemic lockdowns when parents were splurging on toys to keep their children busy. Last holiday season, many toy companies had to slash prices to get rid of merchandise due to weak demand. And the challenges have continued. Toy sales in the U.S. were down 8 per cent from January through August, based on Circana's most recent data.
"The market headwinds we anticipated have proven to be stronger and more persistent than planned," Hasbro CEO Chris Cocks wrote in the memo. "While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into holiday and are likely to persist into 2024."
Cocks had said the toymaker will "focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses."
Shares in Hasbro Inc. fell almost 6 per cent in after-market trading Monday.
Members of Parliament debated the second Conservative motion of non-confidence in Prime Minister Justin Trudeau's government of the week on Thursday, amid simmering tensions.
Helene strengthened into a Category 4 hurricane hours ahead of its expected landfall on Florida's northwest coast Thursday night, and forecasters warned that the enormous storm could create a 'nightmare' surge in coastal areas and bring dangerous winds and rain across much of the southeastern U.S.
Canadian singer K'naan has been charged with sexual assault after being arrested by police in Quebec City.
Mounties in Nunavut have made an arrest in the murder of a 15-year-old girl almost 40 years ago.
An Air Canada flight headed to Toronto from Frankfurt diverted to Edinburgh due to an emergency Thursday, the airline says.
Scammers are increasingly using emails to extort money from victims by threatening to reveal compromising photos, videos and personal information to their friends and family members, according to a new warning from Mounties in Metro Vancouver.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
A Montana man has been arrested after witnesses said he intentionally and repeatedly swerved his car at three motorcycles in south-central Montana, running one off the road and killing its driver, officials in Carbon County said.
Alabama used nitrogen gas Thursday to execute a man convicted of killing three people in back-to-back workplace shootings, the second time the method that has generated debate about its humaneness has been used in the country
Mounties in Nunavut have made an arrest in the murder of a 15-year-old girl almost 40 years ago.
One non-profit organization is laying claim to the phrase 'Every Child Matters' in an attempt to control how it is used.
A psychiatric report has found a man accused of kidnapping and sexually assaulting six women east of Calgary is fit to stand trial but his lawyer wants the court to order another hearing before the long-delayed matter resumes.
Scammers are increasingly using emails to extort money from victims by threatening to reveal compromising photos, videos and personal information to their friends and family members, according to a new warning from Mounties in Metro Vancouver.
A Royal Canadian Navy warship was rearmed with missiles and munitions in Australia this week, marking the first ever overseas rearmament for the service's Halifax-class frigates.
A member of the Stl’atl’imx Tribal Police Service has been charged with voyeurism following an investigation into allegations he filmed sexual encounters without the consent of his partners, the B.C. RCMP announced Thursday.
He's sold Bibles, sneakers, photo books and cryptocurrency during his third campaign for U.S. president. Now, Donald Trump is launching a new business venture: diamond-encrusted watches.
A Montana man has been arrested after witnesses said he intentionally and repeatedly swerved his car at three motorcycles in south-central Montana, running one off the road and killing its driver, officials in Carbon County said.
Israeli Prime Minister Benjamin Netanyahu on Thursday vowed to carry out 'full force' strikes against Hezbollah until it ceases firing rockets across the border, dimming hopes for a ceasefire proposal put forth by U.S. and European officials.
New York City Mayor Eric Adams vowed to stay in office Thursday after federal prosecutors unsealed an indictment accusing him of letting Turkish officials and businesspeople buy his influence with illegal campaign contributions and lavish overseas trips
New York City Mayor Eric Adams was charged by the U.S. Department of Justice in a five-count criminal indictment unsealed on Thursday, becoming the city's first sitting mayor to face criminal charges. Here are some accusations in the indictment, which have not been proven in court.
Alabama used nitrogen gas Thursday to execute a man convicted of killing three people in back-to-back workplace shootings, the second time the method that has generated debate about its humaneness has been used in the country
Members of Parliament debated the second Conservative motion of non-confidence in Prime Minister Justin Trudeau's government of the week on Thursday, amid simmering tensions.
French President Emmanuel Macron and Prime Minister Justin Trudeau have signed a statement aimed at collaborating more on issues ranging from Ukraine to foreign interference.
New changes to Canada's temporary foreign worker program are now in effect. Here's what to know.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
Despite making up more than 4.5 per cent of Canada’s population, less than one per cent of the country's physicians identify as Indigenous, according to the Canadian Medical Association.
A Canadian pharmaceutical company is warning consumers not to use some of its eye drops because of potential microbial growth that may result in eye infections.
Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
Facebook whistleblower Frances Haugen feels 'extremely hopeful' about society's ability to push social media platforms into being safer but for change to come, she says these companies need to be motivated in a new way.
OpenAI Chief Technology Officer Mira Murati — who has been instrumental in the development of ChatGPT and the artificial intelligence image generator Dall-E — said Wednesday she is leaving the company.
Canadian singer K'naan has been charged with sexual assault after being arrested by police in Quebec City.
British supermodel Naomi Campbell has been barred from being a charity trustee in England and Wales for five years after the poverty charity she founded nearly two decades ago was deemed Thursday to have been 'poorly governed' with 'inadequate financial management.'
Hoda Kotb, a fixture at NBC for more than two decades, says she will leave her morning perch on the 'Today' show early next year, telling staffers 'it's time.'
A settlement was reached Thursday in a defamation lawsuit brought by electronic voting machine manufacturer Smartmatic against conservative news outlet Newsmax for airing accusations about vote manipulation in the 2020 election made by allies of former U.S. president Donald Trump.
Open AI Chief Executive Officer Sam Altman (C) speaks at the Advancing Sustainable Development through Safe, Secure, and Trustworthy AI event on Sept. 23, 2024, in New York. (Bryan R. Smith/Pool Photo via AP)
Billionaire Elon Musk's social media site X has complied with Brazilian Supreme Court Justice Alexandre de Moraes' orders and requested its service be re-established in the country, a source said Thursday.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Regina and John Zdravich left the U.S. for Italy after falling in love with the European country, then unexpectedly found themselves 'homeless.'
Home Depot was about to launch something big — really big — when the pandemic hit in the spring of 2020: a 12-foot skeleton.
Toronto Maple Leafs coach Craig Berube says he doesn't think Auston Matthews' upper-body injury is too serious and expects the captain to be fine.
Daniel Ricciardo, one of the most popular and likeable drivers on the Formula 1 grid, was released by Red Bull Racing on Thursday and will be replaced immediately by Liam Lawson.
A Florida man's lawsuit has temporarily stopped Shohei Ohtani's 50th home run ball from being sold at auction after saying it was stolen from him moments after he secured it.
Ontario's Premier Doug Ford wants to dig Canada's largest city out of its traffic woes.
A bizarre discovery was made on a dirt road in Clearview Township.
Ontario Premier Doug Ford says he wants to build a tunnel under Highway 401 that would stretch from Brampton to Scarborough.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Sarah McLachlan is returning to her hometown of Halifax in November.
Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
Police are looking to the public for help after thieves broke into a Lethbridge ice creamery, stealing from the store.
An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
Fire has destroyed a barn and 17,000 plants at a family-owned business in Lower Coverdale, N.B.
Before influencers on social media, Canada’s Jeanne Beker was bringing the world of high fashion down to earth and as Calgary’s Glenbow Museum gets a major make-over, it will include a new exhibition showcasing the pop culture icon.
The City of Kamloops is issuing a public apology for what it’s calling "inappropriate behavior" that happened during Tuesday's council meeting.
It's sometimes what's unsaid that makes an impression in political campaigns, and that's been the case as the first week of B.C.'s provincial election unfolds.
The BC Lions are in a fight for the playoffs, but that's not the only story heading into Friday night's clash with the Hamilton Tiger-Cats at BC Place.
A new, temporary, stadium-sized seasonal concert venue is coming to Toronto's north end, with the capacity to host 50,000 people at one time. Rogers Stadium will open in June 2025 at the site of the former Downsview Airport Lands, Live Nation announced Thursday.
A woman driving a garbage truck died after colliding with a transport truck in Mississauga Thursday afternoon.
An Air Canada flight headed to Toronto from Frankfurt diverted to Edinburgh due to an emergency Thursday, the airline says.
A psychiatric report has found a man accused of kidnapping and sexually assaulting six women east of Calgary is fit to stand trial but his lawyer wants the court to order another hearing before the long-delayed matter resumes.
A number of families whose children attended Little Scholars childcare centers in Calgary are frustrated they haven’t received a refund after the programs were unexpectedly shut down due to safety concerns in August.
The two men arrested after a deadly roadside shooting near Calgary last month will be tried together.
Ontario Provincial Police say a motorcycle driver is dead following a crash Thursday afternoon.
Former Ottawa resident Judy Brown is among many in Tallahassee, Florida bracing for Hurricane Helene as it barrels towards the state.
Police in Gatineau, Que. are investigating the third homicide of the year in the city. A 35-year-old man has been identified as the victim following an apparent assault.
Canadian singer K'naan has been charged with sexual assault after being arrested by police in Quebec City.
Â鶹´«Ã½ Montreal at Six for Thursday, Sept. 26, 2024 with anchor Mutsumi Takahashi.
Prime Minister Justin Trudeau is accusing Quebec's premier of saying things that he "knows aren't true" about immigration as the two leaders continue to clash over the issue.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Edmonton is in the middle of a home construction boom that could be the biggest it's ever seen. With the city's population surging, experts say it's still not meeting demand and it's also causing delays for building permits and inspections.
Ten advocacy groups have come together to demand more protections for vulnerable Edmontonians ahead of colder temperatures.
As violence escalates between Hezbollah and Israel, members of the Maritime Lebanese and Israeli communities watch with growing fear.
A Lower Sackville, N.S., elementary student came into contact with a needle near her school earlier this week.
A third person has been arrested and charged in connection with the homicide of Halifax teen Devon Sinclair Marsman, who disappeared more than two years ago.
One non-profit organization is laying claim to the phrase 'Every Child Matters' in an attempt to control how it is used.
Eleven projects will split $25 million in grants through the federal housing accelerator fund
An NDP MP has introduced a bill that would criminalize residential school denialism, saying it would help stop harm caused toward survivors, their families and communities.
Saskatchewan RCMP are on scene of a collision involving a semi truck and a train near Biggar, Sask.
Regina city council approved a new Board of Directors for the Regina Exhibition Association Ltd. (REAL) at their meeting Wednesday.
Running back Ryquell Armstead, offensive lineman Trevon Tate, and defensive back Marcus Sayles may all play different positions for the Saskatchewan Roughriders, but they have something in common this season.
Advocates are demanding an apology after a staff report regarding the destruction of corn crops in Wilmot Township was found to be lacking in detail.
A man has pleaded guilty to manslaughter after the 2022 death of a Cambridge resident.
Guelph police say an elderly woman has died after she was struck by a vehicle Thursday afternoon on Eramosa Road.
A lawyer defending a 14-year-old accused of setting a classmate on fire says 'voices told her to do things' prior to a fiery attack which severely injured a classmate and a teacher at Evan Hardy Collegiate earlier this month.
Saskatchewan RCMP are on scene of a collision involving a semi truck and a train near Biggar, Sask.
As Saskatchewan awaits the election call, how are voters feeling about the leaders of Saskatchewan’s two major parties? Â鶹´«Ã½ sought to find out, in partnership with Insightrix Research.
A northern Ontario man was in the bush hunting for partridge with his fiancé when he came across a big bull moose entangled in some hydro lines in his antlers.
Canadian musician Jacob Hoggard's defence lawyer continued her cross-examination of the complainant in his sexual assault trial in a northeastern Ontario court today, where he has pleaded not guilty.
A pedestrian is dead following a collision with a commercial motor vehicle on Highway 17 west of Thunder Bay on Thursday morning.
Jonathan Halfyard lived with his mother Carolyn Carter, 69, in west London. But things took a deadly turn on April 20 of last year when she called police to have her youngest child removed from the house.
Some London renters say a new policy by their landlord to charge visitors for parking amounts to a corporate cash grab.
Officials in Grand Bend are trying to avoid car rally chaos, similar to what was seen in London on Saturday evening.
Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
Residents living near Sunnidale Park in Barrie are calling for immediate action to address a growing coyote problem in their neighbourhood.
Four people face charges in connection with a drug trafficking investigation in Collingwood that police say led to loaded, semi-automatic handguns being seized.
As Windsor’s ward meetings roll on, residents on the east end say they’re tired of hearing about crime concerns downtown, pointing out they have problems too.
As respiratory illness season nears, local pharmacists are reminding people in Windsor-Essex and Chatham-Kent to stay safe and prevent unnecessary visits to the hospital by staying up to date on vaccinations.
The Windsor Police Service (WPS) has arrested a “wanted fugitiveâ€, wanted on multiple warrants in Ontario.
A Royal Canadian Navy warship was rearmed with missiles and munitions in Australia this week, marking the first ever overseas rearmament for the service's Halifax-class frigates.
A member of the Stl’atl’imx Tribal Police Service has been charged with voyeurism following an investigation into allegations he filmed sexual encounters without the consent of his partners, the B.C. RCMP announced Thursday.
British Columbia NDP leader David Eby was upstaged by a wasp that flew down his shirt and stung him during a news conference.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
Four Lethbridge high school football players accused of sexual assault last year won't go to trial.
City of Lethbridge Transit has experienced significant route cancellations over the last few days. One of the factors leading to the delays is labour action taken by the local transit union.
A Blackfoot business owner is getting ready to pitch her board games to a panel for a chance to win $25,000.
A northern Ontario man was in the bush hunting for partridge with his fiancé when he came across a big bull moose entangled in some hydro lines in his antlers.
A pedestrian is dead following a collision with a commercial motor vehicle on Highway 17 west of Thunder Bay on Thursday morning.
Every other day, Derek Moonias drives 15 minutes to the airport in Neskantaga First Nation and fills his pickup truck with cases of bottled water flown in on the dime of the federal government.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
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