A Popular Toy Retailer Now Announces an Unexpected Closure

A popular toy retailer now announces an unexpected closure, resulting in more than one thousand employees losing their jobs.

Hasbro, an International toy company, has announced that it is closing its office in Providence and will be cutting over 1,100 staff globally.

The announcement was made on Tuesday by CEO Chris Cocks, who said the layoffs are “especially difficult during the holiday season.”

The toymaker behind iconic products such as Monopoly, Play-Doh, and Transformers action figures had already cut 800 staff in January.

“While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make.

I know this news is especially difficult during the holiday season…[there is ] no sugar-coating how hard this is, particularly for the employees directly affected,” said CEO Chris Cocks.

Employees impacted by the news will be notified within the next 24 hours, with layoffs expected over the next six months.

“Our Providence, Rhode Island office is currently not being used to its full capacity and we’ve decided to exit the space at the end of the lease term in January 2025.

Over the next year, we’ll welcome teams from our Providence office to our headquarters down the road in Pawtucket,” said the CEO.

Global Corporate Communications Director Andrea Synder advised that employees in Rhode Island will be moderately impacted.

No numbers have been released on how many Rhode Island employees will be laid off, but I will update readers when this is announced.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Popular Toy Retailer Now Announces an Unexpected Closure.
Market News Today – A Popular Toy Retailer Now Announces an Unexpected Closure.

A massive streaming platform is now hit with unexpected layoffs as the company sets to eliminate a whopping 755 employees.

Spotify has issued a WARN notice advising that it plans to lay off 755 employees, equating to 8.5% of its global workforce, across its New York locations.

This cutback is a part of the music-streaming giant’s larger plan to reduce its global workforce by approximately 17%, or 1,500 employees, according to the company’s press release.

The New York layoffs, which include 750 employees at the Greenwich Street site and 5 employees at the Flatbush Avenue site, are set to take place on March 4, 2024, with a phased approach extending through to August 25, 2024.

This downsizing move aligns with Spotify’s global strategy to scale back operations amidst challenging economic conditions characterized by slower growth and more expensive capital.

The company’s CEO, Daniel Ek, pointed out the necessity of “rightsizing” Spotify’s operations, aiming to streamline and enhance efficiency as the company navigates through economic headwinds and seeks to rekindle its startup ethos.

Spotify’s decision to cut jobs reflects a broader trend in the tech industry, where companies are making tough calls to stabilize their finances and future-proof their operations.

Earlier this year, Spotify had already reduced its workforce by over 500 in January, joining the ranks of tech majors like Microsoft and Amazon in implementing significant layoffs due to the global economic slowdown, according to CNN.

And in June, the company had made cuts within its podcasting division, further indicating the pervasive impact of the economic climate on the tech sector.

The current and previous layoffs at Spotify appear to be part of a widespread response to the economic pressures of inflation, rising interest rates, and funding challenges.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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Market News Today - A Popular Toy Retailer Now Announces an Unexpected Closure.
Market News Today – A Popular Toy Retailer Now Announces an Unexpected Closure.

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