Hasbro said in a press note on Tuesday that it had laid off about 1,100 employees out of a total of 6,300 working for it, which is the second reduction this year in the number of employees of the company, which previously laid off 800 employees at the beginning of this year, in the wake of a significant decline in the sales of the manufacturing giant. American Games, where the company also suffered a bad season during the holidays.
The company’s shares fell by more than 5% in pre-market trading on Tuesday morning, and the shares of its competitor Mattel also fell.
Hasbro is not alone in declining sales and laying off employees. Street State Holding Company for Financial Services and International Banks – which owns the second oldest operating bank in the United States – announced yesterday, Monday, its intention to lay off approximately 1,500 employees by the beginning of 2024, as the director said. Financial Eric Aboaf told The Boston Globe The Boston-based financial company expects to incur between $175 million to $200 million in severance costs.
“Zalili” for e-commerce services, “Spotify” for music and podcast streaming services, and “Twilio,” the American telecommunications services giant, also announced similar layoffs of employees collectively, the largest of which was Spotify’s announcement of laying off about 20% of its total employees.
This is the same thing that is happening to hundreds of American and international companies in general, including the e-commerce giant Amazon, the pharmaceutical giant “Pfizer”, as well as “Netflix”, “Alphabet”, “Cisco”, “LinkedIn”, “General Motors” and many others since then. Corona pandemic.
Joseph Stiglitz, a labor market expert, said in an interview with the Bloomberg website that the state of layoffs and workforce reductions that have continued since after the pandemic comes as a result of the lack of economic instability around the world and the suffering of global economies with sluggish demand and damage to supply chains, including a shortage of raw materials, logistical challenges and a rise in demand. Costs, prompting companies to re-evaluate their budgets and make difficult decisions to ensure financial stability.
As for Deloitte, a consulting firm specializing in labor markets, it indicates that some company executives see laying off workers as a necessary step for companies to adapt to changing market dynamics, enhance efficiency, and maintain long-term sustainability.
