Hasbro, the corporate owner of Wizards of the Coast, has announced that it will lay off 1,100 employees, or one-fifth of its workforce, just two weeks before Christmas. The decision was made due to continued challenges in the toy and games market, which have impacted the company’s earnings estimates. This is not the first time Hasbro has reduced its workforce, as it previously cut 800 jobs in January of this year. The CEO, Chris Cocks, has stated that these layoffs are a last resort to keep the company healthy, but it has raised questions about executive compensation and the sale of the company’s physical office. The layoffs may also affect Wizards of the Coast, potentially impacting products for Dungeons & Dragons and Magic: The Gathering. Hasbro’s stock performance has also been compared to competitors, such as Mattel, which has seen success despite the economic challenges. The layoffs have been met with criticism, particularly given the timing just before the holiday season. The company plans to notify affected employees over the next six months and will vacate its Providence, Rhode Island office in 2024.
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Dungeons & Dragons owner lays off 1,100 staff two weeks before Christmas “to keep Hasbro healthy”
