At the same time, Mattel’s competitor Hasbro, which makes and sells not only toys but also puzzles, electronic games and sports equipment, is in big trouble. The company recently announced that it will lay off 1,100 employees, or nearly a fifth of its entire workforce.
Hasbro and many other toy makers have suffered greatly since the coronavirus pandemic, as parents have given up on buying toys after an extended stay at home. The company’s shares have fallen by almost a fifth this year and analysts expect a 19% sales decline for the quarter, which is key for the company.
In October, Hasbro lowered its revenue forecast for the second time, this time by 13-15%. Previously the group had lowered its forecast from 3 to 6%.
2023-12-28 04:06:27
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