Hasbro Inc is cutting about 170 jobs as the second-largest U.S. toy company tries to recover from sluggish sales during the holiday season.
Eighty-two percent, or 140, of the job cuts are in the United States, according to company spokesman Wayne Charness, including "about 55" in Rhode Island where Hasbro is based.
"These moves were made to address both the under-performance in the U.S. and Canada segment, and the need for different skill sets in the company's workforce to be better aligned with a quickly evolving business," Charness said
The job cuts are being accompanied with "competitive" severance packages. Yahoo Finance reporter Dhanya Skariachan, continues by saying:
Larger rival Mattel also missed sales expectations in the holiday quarter, but still outperformed Hasbro and gained share from Mattel, according to data from NPD, a market research firm.
Hasbro, based in Pawtucket, Rhode Island, has 5,900 employees worldwide, including about 1,400 in that state.
Hasbro shares fell 2.8 percent to close at $34.65 on Nasdaq.
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