US toy company Hasbro on Thursday announced it would cut up to 1,000 jobs in an effort to save up to $300 million annually by 2025.
The job losses represent about 15% of the company's global workforce.
"We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability," Hasbro chief executive Chris Cocks said.
As part of the organizational and commercial changes, Eric Nyman, president and chief operating officer, is departing the company.
At this time, the Consumer Products business will report directly to the chief executive, Hasbro said in statement.
Meanwhile, Hasbro reported preliminary fourth quarter 2022 revenue of about $1.68 billion, down 17% year-over-year.
It expects quarterly adjusted earnings per share of $1.29 to $1.31, excluding the impact of the charges.
