Santa's helpers are on the corporate chopping block as toy sales continue to slide.
The famed toymakers at Hasbro announced Monday that they are having to lay off 1,100 employees this holiday season as toy sales stay down in the dumps, despite what should be a Christmas sales boost.
This comes after the company has ALREADY laid off 800 employees, bringing the total near to 2,000.
"We anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs," Hasbro CEO Chris Cocks said in the memo.
However, the 4th quarter did not make up for the first three disappointing quarters, leading to the layoffs.
These dismal sales should be no surprise in Biden's economy, where FOOD is among the most popular gifts this Christmas.
Best economy ever, Jack. The White House better put out some more stats about job creation (AKA all the second and third side hustles people are getting to afford bread and their mortgage) as damage control.
Here's more from the memo:
- "While we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024."
Better hold on to those dollars while you can, Hasbro. Joe is coming for the rest!
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