Toymaker Hasbro laying off 1,000 to cut costs

PAWTUCKET, R.I. (AP) — Toymaker Hasbro is cutting about 1,000 jobs as part of moves announced last year to save up to $300 million annually by 2025. The nearly century-old Rhode Island-based company behind Monopoly, Play-Doh and My Little Pony toys says the layoffs amount to 15% of its global full-time workforce. Hasbro also said its president and chief operating officer is leaving the company. CEO Chris Cocks said Hasbro’s consumer-products division performed poorly in the final three months of 2022 against the backdrop of a challenging holiday consumer environment.