Wizards of the coast layoffs: December Updates [12-12-2023]

Hasbro, the corporate owner of Wizards of the Coast, the company behind Dungeons & Dragons and Magic: The Gathering, has announced the layoff of 1,100 employees. This decision comes as part of a broader effort to streamline the company and reduce costs due to “market headwinds” and declining revenue. The layoffs are expected to affect various divisions of the company, but it is unclear how they will specifically impact Wizards of the Coast. The CEO of Hasbro, Chris, mentioned that the company’s new steps are expected to save roughly $100 million in annual expense reductions, at a cost of $40 million in additional severance costs

What is the reason behind the layoffs at wizards of the coast?

The layoffs at Wizards of the Coast’s parent company, Hasbro, are part of broader leadership and organizational changes aimed at returning the business to a competitive, industry-leading position. Hasbro’s overall revenue decreased, and it faced “headwinds” in the toy and games market, leading to the decision to reduce costs. While Wizards of the Coast performed well financially, Hasbro’s main losses occurred in its consumer products segment, with sales down 26% in the fourth quarter of 2022. The layoffs are a result of the challenging holiday consumer environment and the company’s strategy to focus on fewer, larger brands, including gaming and digital businesses. Despite the success of Wizards of the Coast, the layoffs are part of a company-wide effort to address declining revenue and market challenges

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