Hasbro toy seller has cut 3% of her global workforce in her latest effort to reduce costs in the highest US tariffs on China toys.
Personnel cuts correspond to about 150 workers. According to its annual fiscal registration of 2024, the company had about 4,985 employees worldwide.
“We are aligning our structure with our long-term goals,” Abby Hodes, Hasbro spokesman, told Reuters.
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Hasbro gets from China about half of its toys and games sold in the United States. The toy manufacturer has been accelerating its efforts to diversify supply and reduce exposure to China.
Concerns about a global trade war after US President Donald Trump’s tariffs on business partners increased pressure on the toy sector, which was already facing difficulties with timid demand.
“Ultimately, tariffs translate into higher prices for the consumer, possible job losses as we adjust to absorb the increased costs and reduced profits for our shareholders,” Hasbro CEO Chris Cocks said during a call for results in April.
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The company also said it was reevaluating the logistics routes and the manufacture on the call.
