Hasbro Lays Off 3% of Global Workforce Amid Tariff Pressures and Weak Toy Demand

Toy industry heavyweight Hasbro has laid off approximately 3% of its global workforce, affecting around 150 employees, as the company grapples with rising U.S. tariffs on Chinese-made toys and continued softness in consumer demand.

The layoffs, which span multiple departments and regions, were communicated to staff earlier this week. Hasbro, the maker of Monopoly and Nerf, employs roughly 4,985 people globally, according to its 2024 annual report.

The company sources about half of its U.S. toy inventory from China, making it particularly vulnerable to tariff hikes. CEO Chris Cocks previously warned that such trade barriers could lead to higher prices for consumers, job losses, and reduced shareholder returns. Hasbro has been accelerating efforts to diversify its supply chain and reduce reliance on Chinese manufacturing.

This move follows a larger workforce reduction in December 2023, when Hasbro cut 900 jobs as part of a broader restructuring strategy. The company is now doubling down on digital and licensed gaming, which has shown stronger performance than traditional toy lines.

Despite the layoffs, Hasbro reaffirmed its full-year financial outlook in April, though it acknowledged the “uncertainty of the current tariff environment.” Shares of Hasbro have remained relatively stable, reflecting cautious investor optimism.