Home Economy Economic Activity Report: Hasbro laying off 3% of its global workforce due to tariffs

Report: Hasbro laying off 3% of its global workforce due to tariffs

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PBN Staff

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06/18/2025

46KjqHVn-b2DwsbDT-uJshjx5Z-6cny2VEr-AhoIJLAf-Hasbro — HASBRO INC. is laying off 3% of its global workforce due to tariffs, multiple media outlets reported Wednesday. / COURTESY HASBRO INC.

PAWTUCKET – Hasbro Inc. is laying off 3% of its global workforce due to tariffs, multiple media outlets reported Wednesday. The job cuts span departments and regions worldwide and employees were notified on June 16, according to a report in the Wall Street Journal on Tuesday, which was picked up by other news media. The

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PAWTUCKET – Hasbro Inc. is laying off 3% of its global workforce due to tariffs, multiple media outlets reported Wednesday. The job cuts span departments and regions worldwide and employees were notified on June 16, according to a report in the Wall Street Journal on Tuesday, which was picked up by other news media. The Rhode Island impact on the toy maker's plan to reduce its workforce was not clear. Hasbro spokesperson Abby Hodes told Providence Business News on Wednesday that the company was cutting less than 30 jobs in New England. The Wall Street Journal reports 3% of Hasbro’s workforce would be 150 employees based on the company’s 2024 annual report. "We are aligning our structure to our long-term goals,” Hodes sad in an email. This latest round of layoffs at the century-old toy maker adds to previous workforce reductions Hasbro made recently. In late 2023, Hasbro announced it would lay off an additional 1,100 employees globally, on top of 1,000 layoffs that had already been planned, as part of a company restructuring. The company also last year vacated its downtown Providence office building at 15 La Salle Square, near Empire and Fountain streets. That building will now house as many as 600 Brown University Health employees. The company, which manufactures most of its products in Asia, has said publicly that President Donald Trump's tariffs on China could become a risk to its portfolio. During its fourth quarter earnings call in February after took office, Hasbro Chief Financial Officer Gina Goetter told investors that the company’s guidance for 2025 includes the anticipated impact of U.S. tariffs and imports from China and reflects mitigating actions the company plans to take, including leveraging the strength of the company’s supply chain and potential pricing. “We continued to diversify our manufacturing footprint to create opportunities as we navigate the trade environment, and we are on a path to move from 50% of our US toy and game volume originating from China to under 40% over the next two years,” Goetter said. ”Really, it’s a China story for us. We don’t source from Canada. We have minimal sourcing coming out of Mexico. So we’re really watching that China rate.” On May 12, The U.S. and China stuck a trade agreement, setting a 30% tariff for Chinese imports into the U.S. for 30 days while negations for a permanent deal continue. Hasbro officials did not comment how this affected their decision cutting jobs. The layoffs come as Hasbro is still deciding if it will move its company headquarters from Pawtucket to Boston's Seaport District. Hodes told PBN no decision has been made yet. The company previously said an announcement will come later this summer. In November, the I-195 Redevelopment District Commission offered a key 1-acre plot on the west side of the Providence River to Hasbro for $1 to persuade the company from relocating to Massachusetts. Pawtucket also made a bid to Hasbro to take over a 20-acre parcel that includes the former Apex department store building. Mayor Donald R. Grebien called the plan a “bold and comprehensive” proposal to relocate to a site with direct pedestrian access to the new Tidewater entertainment district - which includes the new Centreville Bank Stadium.