Hasbro’s Magic: the Gathering (MTG) has become a billion-dollar brand within 2022, contributing to the company’s success. However, despite the digital sector’s success, recent reports show that Hasbro’s Consumer Product and Entertainment sectors are faltering. To maximize profit, Hasbro has announced major job cuts, with 1,100 employees being laid off in addition to the 800 job cuts earlier in the year. CEO Chris Cocks stated that the company aims to modernize and become leaner to ensure profitability in the future. The layoffs have affected staff at Wizards of the Coast, with key figures in Dungeons & Dragons (D&D) design and MTG being let go. Hasbro plans to use the money saved from the layoffs to invest in supply chain efficiency, direct-to-consumer capabilities, and partnerships to maximize licensing opportunities and scale entertainment. Despite the layoffs, Hasbro has plans for the future and aims to drive new brand development. The company has faced criticism for the lack of transparency in sharing details about the layoffs, and the impact on employees’ livelihoods has been acknowledged. The layoffs have raised concerns among fans of D&D and MTG, as key figures in game design and community management have been affected. The full extent of the layoffs is yet to be revealed, and the company’s cost-cutting measures are ongoing.
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Wizards of the Coast Hit with Layoffs as Hasbro Cuts Costs
