Hasbro, the parent company of Dungeons & Dragons publisher Wizards of the Coast, announced over 1,000 firings just weeks before the holidays.
Per The Wall Street Journal, Hasbro CEO Chris Cocks informed employees in an internal memo that the company would lay off 1,100 people — about 20% of its roughly 6,400 staff. The toy company cited persistent “headwinds” throughout the year, which it predicts to continue in 2024. In January 2023, Hasbro fired 800 employees due to flagging profits. At the time, it estimated the move would save the company $300 million annually by 2025.
“While we’re confident in the future of Hasbro, the current environment demands that we do more, even if these choices are some of the hardest we have to make,” Cocks stated in the email. “I know this news is especially difficult during the holiday season. There is no sugar-coating how hard this is, particularly for the employees directly affected.” The CEO claimed the firings would “keep Hasbro healthy.”
While the news comes just weeks before Christmas, Hasbro will notify impacted employees over the next six months. In addition to firing 1,100 staff, Hasbro intends to vacate its Providence, Rhode Island office after its lease expires in January 2024. According to Cocks, the building has not used its “full capacity” in recent years. Since the COVID-19 pandemic, many employees elected to remain remote or hybrid rather than make use of such offices.
It remains unclear how or if this will impact Wizards of the Coast. Its primary games, Dungeons & Dragons and Magic: The Gathering, continue to thrive during a period of increased interest. The games garnered a greater following in the last several years. In 2023, DnD alone generated the Dungeons & Dragons: Honor Among Thieves film, a new D&D-themed channel, and The Game Awards 2023’s Game of the Year winner Baldur’s Gate 3. In 2021, Magic: The Gathering netted Hasbro $1 billion in revenue.
