Amid weak toy sales, Hasbro told employees Monday they will lay off 1,100 workers, or about one-fifth of their global workforce.
Hasbro CEO Chris Cocks told employees in a memo that economic headwinds had been “stronger and more persistent than planned," CNN reports.
Cocks said the issues are likely to persist into next year.
Revenue gains in the division that oversees Wizards of the Coast (including Dungeons & Dragons) and digital gaming could not offset slumping toy sales, TechCrunch reports.
The cuts follow the roughly 800 jobs cut earlier this year and the sale of Entertainment One to Lionsgate. In all, Hasbro has laid off 29% of its global workforce, Reuters reports, citing regulatory filings.
Hasbro bought the Power Rangers franchise for $522 million in 2018. Entertainment One was the division of Hasbro tasked with overseeing the show's production.
Though the announcement is being made during the holiday season, Cocks said most affected employees would be notified over the next six months.
Hasbro also plans to consolidate, vacating their Providence, Rhode Island offices next year and consolidating employees in their Pawtucket headquarters.
