A toymaker announces huge layoffs right before Christmas.
Boy this Bidenomics economy is redhot!
Hasbro is slashing nearly 20% of its workforce amid an ongoing slump in toy sales.
Hasbro CEO Chris Cocks announced layoffs for 1,100 workers in a Monday memo to employees, cuts which come in addition to the roughly 800 jobs eliminated earlier this year.
Cocks said the decision to reduce Hasbro's workforce was made in light of market headwinds proving to be "stronger and more persistent than planned."
"We anticipated the first three quarters to be challenging, particularly in toys, where the market is coming off historic, pandemic-driven highs," Cocks said. "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."
Some Hasbro employees will find out whether their job has been eliminated this week, while the rest of the layoffs will happen over the next six months, Cocks said in the memo.
Hasbro, known for making toys such as Transformers and Play-Doh, and games like "Magic: The Gathering" and "Dungeons & Dragons," had 6,300 employees prior to the layoffs, according to its website.
Shares of Hasbro fell more than 4% in after-hours trading on Monday.
Layoffs at the toy company come after Hasbro cut its full-year revenue guidance in October -- just before the holiday season, which is usually the strongest sales period for toy makers. On the company's earnings call, Hasbro's Chief Financial Officer Gina Goetter warned that the company was seeing "broader toy category declines."
However, not all toymakers are expecting weakness this holiday season. One of Hasbro's competitors, Mattel, said in its most recent earnings that it benefited from the success of the "Barbie" movie and the company "expects to gain market share in the fourth quarter and full year."
Huh. So Hasbro's main brands are Dungeons and Dragons and Magic: the Gathering, huh?
I guess it must just be slumps in those brands causing the massive implosion, huh?
Think about a company whose name somehow always gets left out of negative media coverage. A company who the leftwing media always attempts to protect.
A leftwing media company that is currently collapsing -- but you'd hardly know it, if you just watch and read the leftwing media.
There's a major media company whose toys Hasbro sells, and because this major media company has alienated half of the country, and mismanaged its once gold-standard brands so badly that they're now second-rate and going unwanted in Ollie's discount bins.
Have you guessed which major media company I'm talking about?
Of course you have. The company that all other leftwing media companies always protect is, of course, Disney. Disney is a financial competitor, but they protect it because it is an ideological leader.
They approve of Disney's mission. Disney is leading them in the race to theocratic fascist transnational Marxism, and they're drafting in Disney's wake. If Disney can fly to the left without going bankrupt, then they can too.
And yes, CNN is hiding the fact that Hasbro is Disney's partner in selling its no-longer-hot Marvel lines and its ice-cold Star Wars line of toys. (And it's barely an afterthought Indiana Jones toys, but they never caught on for some reason.)
I've been watching World Class Bullshitter's tours of the unsold Star Wars merchandise "rotting on the shelves" for years. It's never been so delicious as now.
If you don't know, Ollie's is a discount merchandiser who buys out the unwanted stock of other stores and sells it at deep discounts. And then they they often have to slash their already-discounted prices to unload this unwanted crap to get it off their shelves.
I will mention again that Big, Bad Ike Perlmutter was forced out of Marvel partly due to his Sexist, Racist idea that boys would not buy girl action figures. Ike had nothing but prejudice behind this woman-hating idea, apart from the fact that he had previously owned ToyBiz and had spent an entire lifetime selling action figures, and in particular, Marvel action figures, when he was Marvel's partner.
When Marvel went bankrupt, he bought Marvel. Disney then bought Marvel from him, and he was on Disney's board.
He told Disney some Racist, Sexist shit like "you can't just try to force a bunch of girl crap on boys and expect them to buy it" and they said "yeah sure okay racist misogynist Trump-donor, don't let the door hit you on the way out" and kicked him out of his own company.
And now?
As (I think) WDW_Pro said, Disney has destroyed not just themselves, but Hasbro. They have also destroyed American theaters, who actually need to show movies people want to see during the holiday season to remain solvent. (Remember, "Black Friday" is so-named because it's the time of year when retailer's books turn from red to black. I don't think this quite applies to movie theaters but the holidays are a huge, huge time for them, and Disney has filled their screens with unwatchable, unsalable shit.)
How many American industries are going to go bankrupt before the Enemy of the People stops covering for the wannabe 2028 Democrat Presidential Candidate Bob Iger?
Answer: All of them. They will literally never stop covering for them.
Just for fun, let's see how Disney's "news" mouthpiece ABC "News" is covering the Hasbro layoffs: lol, joke's on you, they're ignoring it like a good little corporate newsletter
Related: South Carolina just took Disney off its list of companies approved for investing the state's retirement and other funds in, citing its aggressive opposition to free speech as a disqualifier.
As for why the state removed The Walt Disney Company from its approved investment list, Loftis explained in a statement to staff, "Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activist in boycotting legal, taxpaying, employment-creating corporations to further Disney's political agenda."
He further noted that "multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate. Since America's founding, freedom of speech has been one of its core principles, and Disney should not engage in nefarious practices aimed at silencing those with less power and money."
Legal Mindset, a lawyer who specializes in the exact kind of special tax district laws that Disney was abusing in its Reedy Creek Improvement District grift, discusses the various laws Disney broke in this video, and the possibility of a state criminal RICO action that can be brought against all the former RCID officers -- and Disney's corporate officers, including Bob Iger, for misuse of public funds.
Finally, Disney is desperately rewriting history on their coming Snow White bomb, pretending that Rachel Ziegler always had the utmost respect for the original 1938 film, and also pretending that they always intended to have CGI dwarves in the movie, rather than the bizarre vagabond hippies we'd already seen in leaked set photos.
Oh, and they're playing the "Only Racists Could Dislike This Film" card again, for the thousandth time. Can you believe that? Because I'm totally surprised.