Hasbro, the world-renowned toy and game company, recently announced that it will be cutting an additional 900 jobs from its workforce. This brings the total number of layoffs to 29% of the company’s total workforce.

The layoffs are part of Hasbro’s restructuring plan, which was announced in April of this year. The plan is intended to reduce costs and streamline operations. The company has stated that the job cuts are necessary to ensure that Hasbro remains competitive in a rapidly changing market.

The layoffs come at a difficult time for Hasbro, as the company has been struggling financially in recent years. In 2018, Hasbro reported a net loss of $112 million. This was followed by a net loss of $88 million in 2019.

The job cuts are expected to save Hasbro approximately $100 million in 2020. However, the company has stated that it will also be investing in new initiatives and technologies that will help it remain competitive in the future.

Hasbro’s CEO, Brian Goldner, has expressed his regret over the job losses but has also stated that the company must take action to ensure its long-term success. He has said that the restructuring plan is necessary for Hasbro to remain competitive and to continue to bring joy to children around the world.

The job cuts are expected to be completed by the end of 2020. Hasbro has stated that it will provide severance packages and other assistance to those affected by the layoffs.

Hasbro’s restructuring plan is a necessary step for the company to remain competitive in a rapidly changing market. However, the job losses are still a difficult reality for those affected and their families. It is important that Hasbro continues to invest in new initiatives and technologies to ensure its long-term success and to bring joy to children around the world.