Hasbro (HAS) to Cut 3% of Workforce Amid Tariff Pressures

Hasbro (HAS, Financials) said Tuesday it will lay off 3% of its global workforce in its latest restructuring move to counter higher production costs tied to U.S. tariffs on Chinese imports.

The cuts, which affect around 150 of the toy maker's roughly 5,000 employees, come as part of a multi-year effort to trim $1 billion in expenses. Hasbro's ongoing reliance on Chinese manufacturing has left it exposed to trade policy headwinds. While some tariffs remain paused, cost pressures have intensified.

We are aligning our structure with our long-term goals, the company told news outlets.

The announcement follows broader reductions in 2023 when Hasbro cut nearly 1,900 jobs. CEO Chris Cocks had warned in April that tariffs could lead to further layoffs and higher prices for consumers.

Hasbro's sales rose 17% in the first quarter, driven by strong demand for board games including Magic: The Gathering and Dungeons & Dragons. The company, known for Monopoly and Nerf, is still grappling with post-pandemic softness in toy demand.